Karachi, June 11, 2018 (PPI-OT): KSE-100; Consolidation likely – stay ‘long’
The KSE-100 index adjusted its previous gains to close at 43,948, down 196 points. Volumes stood at 227mn shares versus 223mn shares traded previously. The index is trading above the 30-DMA that will provide support at 43,377; where a fall below will resume the downtrend. However, a break above 44,333 (Thursday’s high) will extend the gain towards 44,972. The RSI has moved down, while the MACD is rising, signalling no clear trading view. JS Securities Limited recommends investors to stay ‘long’ above the 30-DMA. The support and resistance are at 43,709 and 44,189, respectively.
UBL – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs189.04 and Rs204.00; stoploss at Rs181.50.
SNGP – Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs115.30; stoploss at Rs108.10.