Karachi, September 11, 2019 (PPI-OT): KSE-100 index to test resistance at the 30-DMA
The KSE-100 index, after making a low of 30,012, recovered to close at 30,467, up 252 points. Volumes stood at 48mn shares versus 147mn shares traded previously. The index is expected to target the 30-DMA standing at 30,848 where a break above will kick off the uptrend. However, any downside will find support at 30,012 where a fall below will target 28,671. The RSI and the MACD have improved, suggesting a positive trend ahead. Investors are recommended to ‘Buy’ above the 30-DMA. The support and resistance are at 30,173 and 30,765, respectively.
PPL: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs119.68 and Rs124.00; stoploss at Rs110.01.
DGKC: Limited upside
Strategy: ‘Sell on Strength’ – targeting Rs41.20; stoploss at Rs47.41.