Karachi, March 15, 2019 (PPI-OT): KSE-100; Consolidation to continue
The KSE-100 index closed the session lower at 38,809, down 120 points. Volumes stood low at 86mn shares as compared to 94mn shares traded previously. The index is expected to revisit yesterday’s low of 38,752; where a fall below will continue the downtrend with 38,333 in sight. However, any upside will face resistance in the range of 38,850-39,100; where a break above will initiate the recovery trend with 39,742 as the upside target. The RSI and the MACD have moved down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 38,999. The support and resistance are at 38,675 and 38,943, respectively.
ABL: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs103.99; stoploss at Rs110.83.
LUCK: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs443.86; stoploss at Rs462.00.