Karachi, January 10, 2019 (PPI-OT): KSE-100; Upside target remains intact at the 50-DMA
The KSE-100 index adjusted its previous gains to close at 38,922, down 131 points. Volumes stood at 134mn shares versus 167mn shares traded previously. The index is trading above the 30-DMA that will restrict downside at 38,561; where a fall below will cause the downtrend to resume. However, any upside will find resistance at 39,268 (yesterday’s high); where a break above will target the 50-DMA at 39,662. Meanwhile, the MACD and the Stochastic Oscillator are heading up, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 30-DMA. The support and resistance are at 38,662 and 39,183, respectively.
POL: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs480.18 and Rs502.84; stoploss at Rs457.60.
HBL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs134.52 and Rs137.55; stoploss at Rs129.58.