Karachi, February 13, 2020 (PPI-OT): KSE-100; Recovery to continue
The KSE-100 index closed the session higher at 40,531, up 817 points. Volumes stood at 180mn shares versus 162mn shares traded previously. The index is likely to continue the recovery trend with 41,443 (50-DMA) as the upside target. However, any downside will find support in the range of 40,030-40,300 where a drop below will cause the downtrend to resume with 38,003 as the downside target. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ for trading gains, with risk defined below 40,033. The support and resistance are at 40,185 and 40,880, respectively.
APL: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs346.98 and Rs356.43; stoploss at Rs331.00.
FFBL: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs20.01; stoploss at Rs17.90.