Karachi, January 09, 2019 (PPI-OT): KSE-100; Expected target at the 50-DMA
The KSE-100 index extended the gain to close at 39,053, up 490 points. Volumes stood at 167mn shares versus 157mn shares traded previously. The index has closed above the 30-DMA indicating potential further upside. A break above yesterday’s high (39,149) will target the 50-DMA at 39,712. However, any downside will find support in the range of 38,560-38,815. Meanwhile, the RSI and the MACD have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below 38,562. The support and resistance are at 38,815 and 39,291, respectively.
ENGRO: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs334.18 and Rs342.31; stoploss at Rs316.17.
DGKC: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs88.57 and Rs95.52; stoploss at Rs85.30.