Karachi, January 13, 2020 (PPI-OT): KSE-100; Upside to continue
Bulls continued to dominate the session as the KSE-100 index gained 684 points to close at 43,207. Volumes stood high at 400mn shares versus 362mn shares traded previously. The index is expected to target 43,470, which could later extend to 43,862. However, any downside will find support in the range of 42,870-42,995. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below 42,870. The support and resistance are at 42,973 and 43,442, respectively.
NML: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs115.45; stoploss at Rs106.06.
LOTCHEM: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs14.81 and Rs15.27; stoploss at Rs14.00.