Karachi, March 21, 2018 (PPI-OT):KSE-100; Upside likely with 44,775 and 45,227 in sight
After consolidating for a few sessions, the KSE-100 index kicked off the uptrend to close at 44,310, a gain of 770 points. Volumes stood at 220mn shares versus 116mn shares traded previously. The index has currently closed above the 50-DMA that will now provide support at 43,650. Meanwhile, a break above yesterday’s high will lead to further gains towards 44,775, which could later extend to 45,227. The RSI and the MACD have moved up, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 43,989 and 44,633, respectively.
OGDC – Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs177.00 and Rs183.30; stoploss at Rs166.93.
HUBC – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs106.78; stoploss at Rs97.25.