Karachi, February 14, 2020 (PPI-OT): KSE-100; Range bound activity expected
The KSE-100 index witnessed a volatile session to close at 40,455, down 76 points. Volumes stood at 197mn shares versus 180mn shares traded previously. The index is likely to re-test support at 40,323 where a fall below will cause the downtrend to resume with 38,003 as the downside target. However, a break above yesterday’s high of 40,787 will continue the recovery trend with 41,456 in sight. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 40,182 and 40,730, respectively.
NCL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs37.36; stoploss at Rs46.50.
FFBL: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs19.94 and Rs20.51; stoploss at Rs17.90.