Karachi, April 15, 2019 (PPI-OT): KSE-100; Recovery to continue with 38,020 in sight
The KSE-100 index extended the gain to close at 37,338, up 550 points. Volumes stood at 189mn shares versus 144mn shares traded previously. If the gain continues, the expected target will be at 38,020, with a chance of later extending towards 38,363 (30-DMA). However, any downside will find support in the range of 36,925-37,170; where a fall below will cause the downtrend to resume. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to ‘Buy’ for short term, with risk defined below 36,928. The support and resistance are at 37,053 and 37,625, respectively.
FFBL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs35.57 and Rs38.29; stoploss at Rs31.50.
NML: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs132.67 and Rs137.88; stoploss at Rs121.66.