Karachi, December 29, 2017 (PPI-OT):KSE-100 – closed above the 50-DMA; ‘Positive’
Positive movement continued for the KSE-100 index as it closed at 40,371, up 225 points. Volumes stood at 240mn shares versus 199mn shares traded previously. The index closed above the 50-DMA, indicating potential for further upside. The upside target remains intact at 41,046, however, any downside will find support at 40,176 (50-DMA), followed by the 30-DMA at 39,562. Meanwhile, the RSI and the MACD continued to rise, supporting a positive view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 40,141 and 40,603, respectively.
LUCK – Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs536.30; stoploss at Rs502.00.
ATRL – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs266.77; stoploss at Rs227.50.