Karachi, December 12, 2017 (PPI-OT): Downside likely with 38,139 and 37,263 in sight
The KSE-100 index failed to sustain its intraday high of 39,437 and slid to close at 38,482, down 598 points. Volumes stood low at 129mn shares versus 150mn shares traded previously. The index is expected to revisit yesterday’s low of 38,375; where a fall below will extend the decline towards 38,139, followed by 37,263. However, any upside will face resistance in the range of 38,760-39,030. The Stochastic Oscillator and the MACD have continued to decline, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 39,437. The support and resistance are at 37,940 and 39,031, respectively.
NML – Trading above short and medium term moving averages
Strategy: ‘Buy on dips’ – targeting Rs155.11; stoploss at Rs141.20.
ATRL – Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs239.44; stoploss at Rs265.64.