Karachi, November 09, 2018 (PPI-OT): KSE-100; Consolidation likely
The KSE-100 index ended the session lower at 41,367, down 177 points. Volumes stood at 225mn shares versus 277mn shares traded previously. Despite a negative closing, the index has formed a higher high and higher low that indicates positive trend remains intact. A break above yesterday’s high will target the 200-DMA at 42,600, however, a fall below 41,285 will initiate the downtrend with 40,285 in sight. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to wait for dips. The support and resistance are at 41,170 and 41,566, respectively.
MCB: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs206.74; stoploss at Rs193.30.
PTC: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs11.62; stoploss at Rs11.02.