Karachi, April 08, 2020 (PPI-OT): KSE-100; Consolidation expected
The KSE-100 index showed positive movement to close at 31,232, up 652 points. Volumes stood at 173mn shares versus 233mn shares traded previously. The index is likely to revisit yesterday’s high of 31,303 where a break above will lead to further gain towards 33,467. However, any downside will find support in the range of 30,850-31,050 where a fall below will cause the downtrend to resume with 30,056 and 28,907 in sight. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stop buying below 30,853. The support and resistance are at 30,968 and 31,497, respectively.
MCB: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs130.20; stoploss at Rs147.50.
OGDC: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs99.44; stoploss at Rs91.84.