Karachi, October 22, 2019 (PPI-OT): KSE-100; Expected target at the 30-DMA
Bears continued to dominate the session as the KSE-100 index lost 785 points to close at 33,085. Volumes stood higher at 130mn shares versus 115mn shares traded previously. The index is expected to continue the downtrend with 32,594 (30-DMA) and 31,686 as the next targets. However, any upside is likely to face resistance in the range of 33,345-33,445. The RSI and the MACD are heading down, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 33,605. The support and resistance are at 32,838 and 33,444, respectively.
DGKC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs51.75 and Rs50.51; stoploss at Rs56.25.
NML: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs79.48; stoploss at Rs84.98.