Karachi, January 09, 2018 (PPI-OT):KSE-100 – Price fall inside the band likely; cautious
Positive momentum continued for the KSE-100 index as it closed at 43,112, up 588 points. Volumes stood high at 271mn shares versus 261mn shares traded previously. The index is expected to revisit yesterday’s high of 43,257; where a break above will continue the uptrend with 43,441 and 44,006 in sight. However, any downside will find support in the range of 42,665-42,965. The momentum indicators are overbought and the index is trading above the Upper Bollinger Band, indicating that a short term correction is due. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 42,803 and 43,424, respectively.
FFC – Closed above the 200-DMA
Strategy: ‘Buy on dips’ – targeting Rs94.75 and Rs98.86; stoploss at Rs85.39.
NML – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs163.92 and Rs166.68; stoploss at Rs158.50