Karachi, January 14, 2020 (PPI-OT): KSE-100; Consolidation expected
The KSE-100 index witnessed a volatile session to close at 43,219, up 12 points. Volumes stood at 366mn shares versus 400mn shares traded previously. The index is likely to revisit yesterday’s high of 43,453 where a break above will extend the gain towards 43,862. However, any downside will find support at 43,038 where a fall below will kick off the corrective trend with 41,159 (30-DMA) in sight. The RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 43,038. The support and resistance are at 42,971 and 43,468, respectively.
NML: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs115.45; stoploss at Rs107.05.
UBL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs171.40; stoploss at Rs182.99.