Karachi, June 12, 2018 (PPI-OT):KSE-100 may resume the downtrend; stay cautious
The KSE-100 index closed the session lower at 43,931, down 17 points. Volumes stood at 160mn shares as compared to 227mn shares traded previously. The index is expected to revisit yesterday’s low of 43,838; where a fall below will lead to further decline towards the 30-DMA at 43,326. However, any upside will face resistance in the range of 44,240-44,335. The RSI has moved down, while the MACD is rising, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious at current levels. The support and resistance are at 43,690 and 44,174, respectively.
DGKC – Engulfing Bear
Strategy: ‘Sell on Strength’ – targeting Rs119.91 and Rs110.68; stoploss at Rs132.00.
ENGRO – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs326.05 and Rs341.73; stoploss at Rs315.07.