Karachi, August 09, 2018 (PPI-OT):KSE-100 – Consolidation to continue; stay ‘long’
The KSE-100 index witnessed another range bound session to close at 42,732, down 28 points. Volumes stood at 191mn shares versus 240mn shares traded previously. The index is expected to test support at the 200-DMA standing at 42,568; where a fall below will target the 50-DMA at 41,963. However, a break above yesterday’s high will extend the gain towards 43,639, followed by 44,346. The RSI has moved down, while the MACD is rising, signalling no clear trading view. JS Securities Limited recommends investors to stay ‘long’ above the 200-DMA. The support and resistance are at 42,603 and 42,862, respectively.
MCB – Consolidation likely
Strategy: ‘Buy on dips’ – targeting Rs210.11; stoploss at Rs202.13.
SNGP – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs107.63; stoploss at Rs96.97.