Karachi, December 04, 2017 (PPI-OT): KSE-100; Consolidation expected below the 30-DMA
The KSE-100 index showed positive movement to close at 40,010, up 337 points. Volumes stood at 181mn shares versus 115mn shares traded previously. The index is expected to revisit Thursday’s high of 40,091; where a break above will kick off the recovery trend with 40,777 and 41,001 as the upside target. However, any downside will find support at 39,673; where a fall below will continue the downtrend with 38,681 and 38,139 in sight. Meanwhile, the RSI and the Stochastic Oscillator have moved up, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ above 40,091. The support and resistance are at 39,834 and 40,187, respectively.
FFBL – Closed above the 50-DMA
Strategy: ‘Buy on dips’ – targeting Rs38.00 and Rs39.91; stoploss at Rs34.40.
UBL – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs178.45 and Rs183.25; stoploss at Rs168.00.