Karachi, November 19, 2019 (PPI-OT): KSE-100 – A short term correction is due; stay cautious
Upward movement continued for the KSE-100 index as it closed at 38,412, up 828 points. Volumes improved to 466mn shares from 369mn shares traded previously. The index is expected to revisit yesterday’s high of 38,453 where a break above will lead to further gain towards 39,542. However, any downside will find support in the range of 38,000-38,150 where a fall below will kick off the corrective trend. The RSI and the Stochastic Oscillator are overbought, hinging a limited upside. Investors are recommended to stay cautious on the higher side. The support and resistance are at 38,129 and 38,696, respectively.
ABL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs99.23; stoploss at Rs90.10.
SNGP: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs68.94 and Rs65.52; stoploss at Rs75.24.