Karachi, November 08, 2018 (PPI-OT): KSE-100; Range bound activity is likely to continue
The KSE-100 index posted a gain of 585 points to close at 41,544. Volume improved to 277mn shares from 230mn shares traded previously. If the gain continues, the likely target will be at the 200-DMA standing at 42,605. However, any downside will find support at 40,959 (yesterday’s low); where a fall below will kick off the corrective trend with 40,309 in sight. Meanwhile, the indicators are mixed, signalling no clear trading view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below 40,959. The support and resistance are at 41,318 and 41,771, respectively.
PSO: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs291.82; stoploss at Rs274.85.
PTC: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs11.63; stoploss at Rs10.87.