Karachi, May 16, 2019 (PPI-OT): KSE-100; Recovery expected
The KSE-100 index showed recovery movement to close at 34,292, up 407 points. Volumes stood at 111mn shares versus 106mn shares traded previously. If the gain continues, the likely target will be at 35,123. However, any downside will find support at 33,885; where a fall below will resume the downtrend. The RSI and the Stochastic Oscillator have improved, supporting a recovery view. Investors are recommended to ‘Buy’ for short term, keeping stoploss below 33,885. The support and resistance are at 34,036 and 34,549, respectively.
PPL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs171.50 and Rs175.31; stoploss at Rs163.95.
NCL: Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs45.24 and Rs47.76; stoploss at Rs40.83.