Karachi, June 29, 2020 (PPI-OT): KSE-100; Consolidation to continue
Range bound activity continued for the KSE-100 index as it closed at 33,939, up 230 points. Volumes stood at 198mn shares versus 168mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that are standing at 33,552 and 34,076, respectively. A break above or below is needed for a directional move. Meanwhile, the indicators are mixed, signaling no clear trading view. Investors are recommended to stay sellers below the 30-DMA. The support and resistance are at 33,792 and 34,087, respectively.
LOTCHEM: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs10.85 and Rs12.47; stoploss at Rs9.91.
OGDC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs105.76; stoploss at Rs111.35.