Karachi, December 08, 2017 (PPI-OT): KSE-100 – slide to continue; ‘Sell on Strength’
Bears continued to dominate the session as the KSE-100 index lost 1,123 points to close at 38,785. Volumes improved to 163mn shares from 150mn shares traded previously. The index has formed a lower high and lower low that indicates potential for further downside. A fall below yesterday’s low will initially target 38,681, which could later extend to 38,139. However, any upside will face resistance in the range of 39,150-39,265. The RSI and the MACD have moved down, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stoploss above 39,538. The support and resistance are at 38,456 and 39,264, respectively.
MCB – Bearish crossover
Strategy: ‘Sell on Strength’ – targeting Rs191.51 and Rs187.50; stoploss at Rs201.00.
PPL – closed below the 30-DMA
Strategy: ‘Sell on Strength’ – targeting Rs184.67; stoploss at Rs193.00.