Karachi, November 15, 2019 (PPI-OT): KSE-100; Consolidation expected – stay cautious
The KSE-100 index failed to sustain its intraday high of 37,507 and slid to close at 37,243, up 76 points. Volumes stood at 336mn shares versus 275mn shares traded previously. The index is expected to re-test support at yesterday’s low of 37,130 where a fall below will target 35,255. However, any upside will face resistance at 37,507 where a break above will extend the gain towards 38,171. Meanwhile, the RSI and the Stochastic Oscillator are overbought, hinting a limited upside. A cautious strategy is required at current levels. The support and resistance are at 37,022 and 37,465, respectively.
SNGP: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs69.06 and Rs67.93; stoploss at Rs75.15.
NRL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs116.20 and Rs112.32; stoploss at Rs127.20.