Karachi, June 20, 2018 (PPI-OT):KSE-100; Range bound activity expected
The KSE-100 index witnessed a volatile session to close at 43,683, up a meagre 2 points. Volumes stood at 123mn shares versus 118mn shares traded previously. The current formation is of a Spinning Top which indicates consolidation at current levels. Meanwhile, the 50-DMA will continue to provide resistance at 44,182. However, any downside will find support at 43,097 (30-DMA); where a fall below will target the 200-DMA at 42,604. Investors are recommended to ‘Sell’ on the higher side, with risk defined above the 50-DMA. The support and resistance are at 43,496 and 43,871, respectively.
PPL – Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs228.77 and Rs234.50; stoploss at Rs220.00.
LUCK – Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs508.61; stoploss at Rs549.00.