Karachi, November 05, 2019 (PPI-OT): KSE-100 index to test resistance at the 200-DMA
Bulls continued to dominate the session as the KSE-100 index gained 900 points to close at 35,277. Volumes stood high at 208mn shares versus 157mn shares traded previously. The index is expected to test resistance at 35,374 (200-DMA) where a break above will extend the gain towards 35,771, followed by 36,434. However, any downside will find support in the range of 34,855-34,990 where a fall below will kick off the corrective trend. The RSI and the MACD have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 34,856. The support and resistance are at 34,985 and 35,573, respectively.
LUCK: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs395.00 and Rs399.10; stoploss at Rs365.10.
MCB: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs188.93; stoploss at Rs175.50.