Karachi, March 29, 2019 (PPI-OT):KSE-100; Consolidation expected
The KSE-100 index ended the session lower at 38,553, down 412 points. Volumes stood at 132mn shares as compared to 229mn shares traded previously. The index is expected to revisit yesterday’s low of 38,419; where a fall below will resume the downtrend with 37,330 in sight. However, any upside will face resistance in the range of 38,645-38,800; where a break above will target 39,159 (30-DMA). The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stop buying below 38,419. The support and resistance are at 38,311 and 38,797, respectively.
ICI: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs677.43; stoploss at Rs642.01.
ABL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs104.55; stoploss at Rs109.