Karachi, October 10, 2019 (PPI-OT): KSE-100; Consolidation to continue
The KSE-100 index witnessed a volatile session to close at 33,524, a gain of 47 points. Volumes stood at 238mn shares versus 243mn shares traded previously. The current pattern suggests that the index is expected to consolidate at current levels. Meanwhile, a fall below 33,339 (yesterday’s low) will kick off the corrective trend with 32,879 in sight. However, a break above 33,604 will extend the gain towards 34,733. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 33,367 and 33,681, respectively.
POL: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs390.74 and Rs418.31; stoploss at Rs376.00.
APL: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs290.44; stoploss at Rs315.00.