Karachi, March 24, 2020 (PPI-OT): KSE-100; Recovery target established at 31,359
The KSE-100 index ended the session higher at 30,667, up 538 points. Volumes stood at 245mn shares versus 308mn shares traded previously. The index is likely to revisit Friday’s high of 30,928 where a break above will lead to further gain towards 31,359, followed by 32,257. However, any downside will find support in the range of 29,900-30,500 where a fall below will cause the downtrend to resume. The RSI and the Stochastic Oscillator have moved up, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ for trading gains, with risk defined below 29,904. The support and resistance are at 30,125 and 31,220, respectively.
POL: Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs289.49; stoploss at Rs238.10.
ATRL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs67.02; stoploss at Rs76.79.