Karachi, December 21, 2017 (PPI-OT):KSE-100 – Recovery to continue
The KSE-100 index posted a gain of 289 points to close at 38,208. Volumes stood at 130mn shares versus 109mn shares traded previously. The recovery target for the index remains intact at 39,217, with a chance of later extending towards the 30-DMA at 39,843. However, any downside will find support in the range of 37,735-37,845. The RSI has moved up, while the Stochastic Oscillator is heading down, supporting a neutral view. JS Securities Limited recommends investors to ‘Buy’ for the short term, with risk defined below 37,737. The support and resistance are at 37,964 and 38,454, respectively.
HBL – closed above the 30-DMA and the 50-DMA
Strategy: ‘Buy on dips’ – targeting Rs178.93; stoploss at Rs162.58.
OGDC – Trading above the short, medium and long term moving averages
Strategy: ‘Buy on dips’ – targeting Rs166.68; stoploss at Rs153.09.