Karachi, October 11, 2019 (PPI-OT): KSE-100; Upside to continue
The KSE-100 index showed positive movement to close at 34,028, up 504 points. Volumes stood at 262mn shares versus 238mn shares traded previously. If the gain continues, the likely target will be at 34,733. However, any downside will find support in the range of 33,680-33,870 where a drop below will kick off the corrective trend. The RSI and the MACD have improved, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 33,684. The support and resistance are at 33,862 and 34,194, respectively.
POL: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs418.31; stoploss at Rs380.20.
FFBL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs18.49 and Rs19.28; stoploss at Rs16.85.