Karachi, October 08, 2019 (PPI-OT): KSE-100; Short term price fall inside the band is likely
Upward movement continued for the KSE-100 index as it gained 604 points to close at 33,637. Volumes stood at 392mn shares versus 262mn shares traded previously. The index is expected to revisit yesterday’s high of 33,851 where a break above will lead to further gain towards 34,733. However, any downside will find support in the range of 33,200-33,480 where a fall below will kick off the corrective trend. The RSI and the MACD are moving up, supporting a positive view. Meanwhile, a short term price fall inside the band cannot be ruled out as the index is trading above the Upper Bollinger Band. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 33,200. The support and resistance are at 33,200 and 34,079, respectively.
OGDC: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs130.99 and Rs135.41; stoploss at Rs120.03.
FFC: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs97.95; stoploss at Rs93.60.