Karachi, November 15, 2018 (PPI-OT): KSE-100 – Corrective trend ahead; stay cautious
The KSE-100 index posted a loss of 158 points to close at 40,994. Volumes stood at 255mn shares as compared to 177mn shares traded previously. The index is likely to revisit yesterday’s low of 40,763; where a fall below will target the 50-DMA at 40,229. However, any upside will face resistance at 41,323; where a break above will target the 200-DMA at 42,553. The RSI and the MACD have moved down, suggesting a corrective trend ahead. JS Securities Limited recommends investors to ‘Sell’ below 40,763. The support and resistance are at 40,672 and 41,319, respectively.
FFBL: Correction to continue
Strategy: ‘Sell on Strength’ – targeting Rs38.67; stoploss at Rs43.20.
MCB: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs206.17; stoploss at Rs198.00.