Karachi, May 20, 2020 (PPI-OT): KSE-100; Range bound activity expected
The KSE-100 index closed the session higher at 34,159, up 354 points. Volumes stood at 248mn shares versus 262mn shares traded previously. The index is likely to revisit yesterday’s high of 34,351 where a break above will target the 200-DMA at 35,645. However, any downside will find support in the range of 33,800-34,100 where a fall below will kick off the corrective trend. The indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 33,891 and 34,428, respectively.
ABL: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs65.21; stoploss at Rs72.83.
NRL: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs116.53; stoploss at Rs107.00.