Karachi, May 01, 2019 (PPI-OT): KSE-100; Downtrend remains intact
Bears continued to dominate the session as the KSE-100 index lost 816 points to close at 33,900. Volumes stood high at 121mn shares as compared to 39mn shares traded previously. The index is expected to revisit yesterday’s low of 33,780 where a fall below will extend the decline towards 33,036, followed by 31,838. However, any upside will face resistance in the range of 34,300-34,650. The RSI and the MACD are heading down, supporting a negative view. Investors are recommended to view any upside as an opportunity to ‘Sell’, keeping stoploss above 34,646. The support and resistance are at 33,171 and 34,646, respectively.
HUBC: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs74.36; stoploss at Rs69.81.
SNGP: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs60.49; stoploss at Rs71.50.