Karachi, March 19, 2019 (PPI-OT): KSE-100 index likely to initiate a recovery trend
The KSE-100 index, after making a low of 38,162, recovered to close at 38,852, up 545 points. Volumes stood at 100mn shares versus 129mn shares traded previously. The index is expected to revisit yesterday’s high of 38,883; where a break above will kick off the recovery trend with 39,801 as the upside target. However, any downside will find support at yesterday’s low; where a fall below will continue the downtrend with 37,330 as the downside target. The RSI and the Stochastic Oscillator have moved up, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ above 38,883. The support and resistance are at 38,529 and 39,178, respectively.
SNGP: Recovery trend ahead
Strategy: ‘Buy on dips’ – targeting Rs78.16 and Rs80.64; stoploss at Rs68.20.
NBP: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs44.10; stoploss at Rs40.90.