Karachi, December 14, 2017 (PPI-OT):KSE-100 – Recovery to continue with 39,217 in sight
The KSE-100 index confirmed its previous bullish formation (long upper shadow) and closed at 38,820, up 295 points. Volumes stood at 118mn shares versus 195mn shares traded previously. If the gain continues, the initial target will be at 39,217, with a chance of later extending towards 40,131. However, any downside will find support at yesterday’s low of 38,525; where a fall below will resume thedowntrend with 37,263 in sight. Meanwhile, the RSI and the Stochastic Oscillator have continued to rise, supporting a recovery view. Investors are recommended to ‘Buy’ for short term trading, with riskdefined below 38,525. The support and resistance are at 38,671 and 38,969, respectively.
NML – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs154.85; stoploss at Rs142.36.
SNGP – Recovery trend ahead
Strategy: ‘Buy on dips’ – targeting Rs98.92; stoploss at Rs86.85.