Karachi, June 12, 2019 (PPI-OT): KSE-100; Upside restricted at the 30-DMA
The KSE-100 index witnessed a volatile session to close at 34,660, up 92 points. Volumes stood at 117mn shares versus 92mn shares traded previously. The index is trading below the 30-DMA that will restrict upside at 35,278. However, any downside will revisit yesterday’s low of 34,268 where a fall below will extend the decline towards 33,951, followed by 32,352. The RSI has improved, while the Stochastic Oscillator is heading down, signalling no clear trading view. Investors are recommended to ‘Sell on Strength’, keeping stoploss above the 30-DMA. The support and resistance are at 34,346 and 34,977, respectively.
OGDC: Short term recovery expected
Strategy: ‘Buy on dips’ – targeting Rs137.12; stoploss at Rs126.05.
UBL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs148.72 and Rs144.40; stoploss at Rs159.49.