Karachi, June 26, 2020 (PPI-OT): KSE-100 to test support at the 50-DMA
The KSE-100 index posted a loss of 325 points to close at 33,710. Volumes stood at 168mn shares versus 196mn shares traded previously. The index is likely to target the 50-DMA, which is currently standing at 33,514; where a fall below will extend the decline towards 32,119. However, any upside will face resistance at the 30-DMA standing at 34,054. The RSI and the MACD have moved down, supporting a bearish view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above the 30-DMA. The support and resistance are at 33,564 and 33,856, respectively.
APL: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs310.72; stoploss at Rs276.92.
FFC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs100.89; stoploss at Rs107.90.