Karachi, March 31, 2020 (PPI-OT): KSE-100; Recovery expected
The KSE-100 index, after making a low of 27,467, recovered to close at 28,023, down 86 points. Volumes stood at 159mn shares versus 169mn shares traded previously. The current pattern suggests that the index is likely to consolidate at current levels. Meanwhile, a fall below 27,467 will continue the downtrend with 26,467 as the next target. However, a break above yesterday’s high of 28,114 will kick off the uptrend. The indicators are mixed, signaling no clear trading view. Investors are recommended to stop selling above 28,114. The support and resistance are at 27,638 and 28,414, respectively.
DGKC: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs62.26; stoploss at Rs51.00.
FFC: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs97.59; stoploss at Rs86.00.