Karachi, February 12, 2018 (PPI-OT):Consolidation likely; stay sellers below the 200-DMA
The KSE-100 index closed the session higher at 43,809, up 129 points. Volumes stood at 226mn shares versus 246mn shares traded previously. The index is trading below the 200-DMA that will restrict upside at 44,034. However, any downside will find support in the range of 43,285-43,400; where a fall below will extend the decline towards 42,543. The indicators are mixed, signalling no clear trading view.Investors are recommended to stay sellers below the 200-DMA. The support and resistance are at 43,492 and 44,128, respectively.
SNGP – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs133.70; stoploss at Rs119.50.
NBP – Upside target remains intact at the 200-DMA
Strategy: ‘Buy on dips’ – targeting Rs54.71; stoploss at Rs51.32.