Karachi, March 25, 2019 (PPI-OT): Consolidation likely; Stop selling above 38,721
The KSE-100 index showed positive movement to close at 38,532, up 147 points. Volumes stood at 85mn shares as compared to 81mn shares traded previously. The index is expected to revisit Friday’s high of 38,721; where a break above will kick off the upward correction with 39,425 in sight. However, a fall below 38,385 will continue the downtrend with 37,330 as the downside target. The RSI has improved, while the Stochastic Oscillator is heading down, signalling no clear trading view. Investors are recommended to stop selling above 38,721. The support and resistance are at 38,347 and 38,718, respectively.
FFC: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs99.21; stoploss at Rs106.92.
NBP: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs43.29 and Rs44.64; stoploss at Rs40.00.