Karachi, April 19, 2018 (PPI-OT):KSE-100; Downside target remains intact at 30-DMA
The KSE-100 index posted a loss of 323 points to close at 45,479. Volumes stood at 156mn shares versus 147mn shares traded previously. The current formation is an Engulfing Bear, which indicates continuation of the downtrend. A fall below 45,424 (yesterday’s low) will extend the decline towards 45,021 (30-DMA), followed by 44,776. However, any upside will face resistance in the range of 45,630-45,785. The RSI and the MACD have moved down, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, keeping stoploss above 46,004. The support and resistance are at 45,179 and 45,780, respectively.
APL – Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs655.00 and Rs676.01; stoploss at Rs620.00.
OGDC – Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs157.84; stoploss at Rs165.50.