Karachi, March 22, 2019 (PPI-OT): KSE-100; Slide to continue
The KSE-100 index ended the session lower at 38,385, down 163 points. Volumes stood at 81mn shares versus 83mn shares traded previously. The index is expected to revisit yesterday’s low of 38,202; where a fall below will continue the downtrend with 37,330 as the downside target. However, any upside will find resistance at 38,593 (yesterday’s high); where a break above will kick off the upward correction with 39,504 in sight. The RSI and the MACD have continued to decline, supporting a bearish view. We recommend investors to ‘Sell on Strength’, with risk defined above 38,593. The support and resistance are at 38,168 and 38,603, respectively.
FFC: Limited upside
Strategy: ‘Sell on Strength’ – targeting Rs99.17; stoploss at Rs107.06.
ABL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs104.31; stoploss at Rs110.27.