Karachi, October 12, 2018 (PPI-OT): KSE-100; Consolidation likely
The KSE-100 index closed the session lower at 38,398 level (-394 points). Volumes stood at 135mn shares versus 199mn shares traded previously. The index is likely to consolidate and is expected to trade in the range of 37,770 and 39,899. A break above or below is needed for a directional move. The RSI has moved down, while the Stochastic Oscillator has improved, signalling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 37,770. The support and resistance are at 38,156 and 38,642, respectively.
ATRL: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs137.93 and Rs144.63; stoploss at Rs125.75.
UBL – Recovery trend remains intact
Strategy: ‘Buy on dips’ – targeting Rs152.88; stoploss at Rs138.00.