Karachi, January 22, 2020 (PPI-OT): KSE-100; Corrective trend remains intact
The KSE-100 index closed the session lower at 42,626, down 121 points. Volumes stood at 178mn shares versus 174mn shares traded previously. The index is likely to revisit yesterday’s low of 42,339 where a fall below will target the 30-DMA at 41,686. However, any upside will face resistance in the range of 42,640-43,000. The RSI and the MACD are moving down, supporting a corrective view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 42,965. The support and resistance are at 42,259 and 42,997, respectively.
LOTCHEM: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs15.29; stoploss at Rs14.54.
MCB: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs214.19; stoploss at Rs223.00.