Karachi, October 19, 2017 (PPI-OT): KSE-100 index targeting the 30-DMA at 41,664
The KSE-100 index after making a low of 40,224, recovered to close at 40,733, up 8 points. Volumes stood dull at 138mn shares versus 167mn shares traded previously. The corrective target for the index remains intact at the 30-DMA standing at 41,664, followed by 42,289 (50-DMA). However, any downside will find support at yesterday’s low of 40,224; where a fall below will resume the downtrend. Meanwhile, the RSI and the Stochastic Oscillator have moved up, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ for short term gains, with risk defined below 40,224. The support and resistance are at 40,346 and 41,125, respectively.
MLCF – Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs75.13 and Rs81.31; stoploss at Rs67.60.
MCB – Upside target remains intact at the 200-DMA
Strategy: ‘Buy on dips’ – targeting Rs221.12; stoploss at Rs204.59.