Karachi, April 17, 2019 (PPI-OT): KSE-100 – Consolidation expected; stay cautious
The KSE-100 index after making a high of 37,636, slid to close at 37,382, down 122 points. Volumes stood at 140mn shares versus 172mn shares traded previously. The index is likely to revisit yesterday’s low of 37,339; where a fall below will cause the downtrend to resume. However, a break above yesterday’s high will continue the recovery trend with 38,020 and 38,211 as the upside targets. Meanwhile, the RSI has moved down, while the Stochastic Oscillator has improved, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious at current levels. The support and resistance are at 37,218 and 37,547, respectively.
AICL: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs40.72 and Rs42.66; stoploss at Rs37.85.
NRL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs166.32 and Rs185.80; stoploss at Rs153.20.