Karachi, March 25, 2020 (PPI-OT): KSE-100; Consolidation expected – stay cautious
The KSE-100 index posted a loss of 2,103 points to close at 28,565. Volumes stood dull at 99mn shares versus 245mn shares traded previously. If the decline continues, the likely target will be at 26,467, with a chance of later extending towards 25,179. However, any upside will face resistance in the range of 29,240-29,920. The RSI and the Stochastic Oscillator are oversold, hinting a short term recovery cannot be ruled out. A cautious stance is required at current levels. The support and resistance are at 27,936 and 29,497, respectively.
AICL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs26.00; stoploss at Rs28.03.
ATRL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs62.40 and Rs57.23; stoploss at Rs73.39.