Karachi, June 14, 2018 (PPI-OT):KSE-100; Range bound activity expected
The KSE-100 index closed the session higher at 43,508, up 279 points. Volumes stood at 112mn shares as compared to 138mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a break above yesterday’s high will extend the gain towards the 50-DMA at 44,277.However, any downside will find support at 43,217 (yesterday’s low); where a fall below will target the 200-DMA at 42,584. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay sellers on the higher side. The support and resistance are at 43,340 and 43,676, respectively.
DGKC – Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs110.68; stoploss at Rs122.30.
ENGRO – Trading above the moving averages
Strategy: ‘Buy on dips’ – targeting Rs326.05 and Rs341.73; stoploss at Rs310.50.