Karachi, January 27, 2020 (PPI-OT): KSE-100; Consolidation to continue
The KSE-100 index closed the session higher at 42,633, up 126 points. Volumes stood at 173mn shares versus 231mn shares traded previously. The index is likely to face resistance in the range of 42,700-42,900 where a break above will cause the uptrend to resume with 43,468 as the upside target. However, any downside will find support at 42,251, followed by 41,886 (30-DMA). The RSI has improved, while the MACD is heading down, signalling no clear trading view. JS Securities Limited recommend investors to ‘Sell on Strength’, keeping stoploss above 42,900. The support and resistance are at 42,368 and 42,900, respectively.
NBP: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs47.37 and Rs48.45; stoploss at Rs44.24.
HUBC: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs95.97; stoploss at Rs102.50.