Karachi, September 18, 2018 (PPI-OT): KSE-100 index likely to resume the downtrend
The KSE-100 index posted a loss of 400 points to close at 40,520. Volumes stood at 145mn shares versus 157mn shares traded previously. The index is likely to revisit yesterday’s low of 40,255; where a fall below will cause the downtrend to resume with 39,602 as the downside target. However, any upside will face resistance in the range of 40,575-40,890. The RSI and the MACD are heading down, suggesting a negative trend ahead. Investors are recommended to ‘Sell’ below 40,255. The support and resistance are at 40,157 and 40,888, respectively.
NML – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs148.67; stoploss at Rs138.00.
ABL – Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs95.59; stoploss at Rs104.03.