Karachi, December 07, 2018 (PPI-OT): KSE-100; Slide to continue
The KSE-100 index posted a loss of 1,002 points to close at 38,301. Volumes stood at 190mn shares versus 138mn shares traded previously. The index is expected to revisit yesterday’s low of 38,247; where a fall below will extend the decline towards 36,274. However, any upside will find resistance in the range of 38,665-38,785. The RSI and the MACD have continued to decline, supporting a bearish view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above 38,782. The support and resistance are at 37,825 and 38,782, respectively.
LOTCHEM: 30-DMA to restrict upside
Strategy: ‘Sell on Strength’ – targeting Rs17.07; stoploss at Rs18.97.
SNGP: A bullish divergence
Strategy: ‘Buy on dips’ – targeting Rs84.11 and Rs86.91; stoploss at Rs75.16.