Karachi, November 13, 2019 (PPI-OT): KSE-100; Short term correction expected
The KSE-100 index, after making a high of 37,171, slid to close at 36,766, down 38 points. Volumes stood at 292mn shares versus 283mn shares traded previously. The index is likely to re-test support at 36,672 (yesterday’s low) where a fall below will kick off the corrective trend with 35,277 as the downside target. However, any upside will face resistance at 37,171 where a break above will extend the gain towards 37,507. Meanwhile, the RSI and the Stochastic Oscillator are overbought, hinting a limited upside. JS Securities Limited recommends investors to stay cautious on the higher side. The support and resistance are at 36,470 and 37,063, respectively.
SNGP: Correction to continue
Strategy: ‘Sell on Strength’ – targeting Rs69.16 and Rs67.21; stoploss at Rs75.60.
MCB: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs182.37; stoploss at Rs193.90.