Karachi, October 04, 2018 (PPI-OT): KSE-100 – Downside target remains intact
Bears continued to dominate the session as the KSE-100 index lost 240 points to close at 40,560. Volumes stood dull at 90mn shares versus 107mn shares traded previously. The index is expected to revisit yesterday’s low of 40,471; where a fall below will continue the downtrend with 40,255 and 39,767 as the downside targets. However, any upside will face resistance at yesterday’s high of 40,839. The RSI and the Stochastic Oscillator have moved down, supporting a negative view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above 40,839. The support and resistance are at 40,381 and 40,740, respectively.
HUBC – Short term recovery expected
Strategy: ‘Buy on dips’ – targeting Rs91.75 and Rs93.01; stoploss at Rs85.62.
DGKC – Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs92.88 and Rs90.22; stoploss at Rs98.78.