Karachi, March 11, 2019 (PPI-OT): KSE-100; Slide to continue
Bears continued to dominate the session as the KSE-100 index lost 344 points to close at 38,950. Volumes stood at 74mn shares as compared to 83mn shares traded previously. The index is expected to revisit Friday’s low of 38,867; where a fall below will extend the decline towards 38,333. However, any upside will find resistance in the range of 39,040-39,325, followed by 39,631 (50-DMA). The RSI and the Stochastic Oscillator are moving down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 39,323. The support and resistance are at 38,747 and 39,154, respectively.
ICI: An Engulfing Bull
Strategy: ‘Buy on dips’ – targeting Rs714.06 and Rs739.44; stoploss at Rs650.00.
LUCK: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs443.86; stoploss at Rs467.25.