Karachi, January 28, 2020 (PPI-OT): KSE-100; Range bound activity to continue
The KSE-100 index witnessed a volatile session to close at 42,539, down 94 points. Volumes stood at 198mn shares versus 173mn shares traded previously. The index is likely to test support at the 30-DMA standing at 41,940 where a fall below will target the 50-DMA at 40,900. However, any upside will continue to face resistance in the range of 42,700-42,855. The RSI and the MACD have moved down, supporting a corrective view. Investors are recommended to ‘Sell on Strength’, with risk defined above 42,855. The support and resistance are at 42,388 and 42,691, respectively.
APL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs320.18; stoploss at Rs347.00.
HUBC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs96.28 and Rs93.91; stoploss at Rs101.99.