Karachi, March 28, 2019 (PPI-OT):KSE-100 – Recovery to continue
The KSE-100 index posted a recovery of 636 points to close at 38,965. Volumes stood high at 229mn shares as compared to 86mn shares traded previously. If the gain continues, the initial target will be at 39,224 (30-DMA), with a chance of later extending towards the 50-DMA at 39,699. However, any downside will find support in the range of 38,550-38,760. The RSI and the Stochastic Oscillator are heading up, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ for short term trading, with risk defined below 38,329. The support and resistance are at 38,678 and 39,165, respectively.
FFBL: Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs38.80 and Rs40.05; stoploss at Rs34.88.
MLCF: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs41.64 and Rs42.98; stoploss at Rs36.52.