Karachi, January 15, 2020 (PPI-OT): KSE-100; Consolidation to continue
Consolidation continued for the KSE-100 index as it closed at 43,207, down 12 points. Volumes stood at 250mn shares versus 366mn shares traded previously. The index is likely to revisit yesterday’s low of 43,095 where a fall below will kick off the corrective trend with 41,262 in sight. However, a break above 43,468 (yesterday’s high) will extend the gain towards 43,862. The RSI has moved down, while the MACD is moving up, signalling no clear trading view. JS Securities Limited recommends investors to stop buying below 43,095. The support and resistance are at 42,985 and 43,430, respectively.
NML: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs119.31 and Rs123.63; stoploss at Rs112.20.
MCB: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs212.99; stoploss at Rs222.00.