Karachi, February 09, 2018 (PPI-OT):KSE-100 – Slide to continue; ‘Sell on Strength’
The KSE-100 index showed negative movement to close at 43,680, down 417 points. Volumes stood at 246mn shares versus 270mn shares traded previously. The index has formed a lower high and lower low that indicates potential for further downside. However, the 30-DMA will provide support at 43,283; where a fall below will extend the decline towards 42,543. Meanwhile, any upside will face resistance at 44,059 (200-DMA). The RSI and the MACD are heading down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stoploss above the 200-DMA. The support and resistance are at 43,460 and 43,901, respectively.
HUBC – Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs102.25 and Rs111.39; stoploss at Rs97.75.
NBP – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs54.77; stoploss at Rs50.15.