Karachi, May 22, 2019 (PPI-OT): KSE-100; Recovery to continue
Recovery movement continued for the KSE-100 index as it closed at 33,442, up 192 points. Volumes stood at 154mn shares versus 165mn shares traded previously. The index is likely to revisit yesterday’s high of 33,550 where a break above will extend the gain towards 33,645, followed by 34,444. However, any downside will find support in the range of 33,035-33,285 where a fall below will cause the downtrend to resume. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. We recommend investors to ‘Buy’ for short term trading with risk defined below 32,852. The support and resistance are at 33,037 and 33,853, respectively.
MLCF: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs22.72 & Rs24.10; stoploss at Rs18.80.
PTC: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs8.83 & Rs9.01; stoploss at Rs7.90.