Karachi, November 18, 2019 (PPI-OT): KSE-100 – Indicators overbought; stay cautious
The KSE-100 index closed the session higher at 37,584, up 341 points. Volumes stood at 369mn shares versus 336mn shares traded previously. The index is likely to revisit Friday’s high of 37,635 where a break above will extend the gain towards 38,171. However, any downside will find support at 37,226 where a fall below will kick off the corrective trend with 35,244 in sight. 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 37,418 and 37,751, respectively.
POL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs391.66; stoploss at Rs419.90.
LUCK: Restricted upside
Strategy: ‘Sell on Strength’ – targeting Rs369.21; stoploss at Rs395.66.