Karachi, December 18, 2017 (PPI-OT):KSE-100 – Short term recovery is likely to continue
The KSE-100 index showed positive movement to close at 38,646, up 422 points. Volumes stood at 140mn shares versus 93mn shares traded previously. The index is expected to revisit Friday’s high of 38,924; where a break above will continue the recovery trend with 39,217 and 40,131 in sight. However, any downside will find support at 38,193; where a fall below will target 37,737 (low of Dec 12, 2017). The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 38,193. The support and resistance are at 38,271 and 39,025, respectively.
PSO – Recovery likely
Strategy: ‘Buy on dips’ – targeting Rs286.88 and Rs297.62; stoploss at Rs270.50.
SNGP – Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs98.92; stoploss at Rs90.50.