Karachi, June 14, 2019 (PPI-OT): KSE-100 expected to target the 50-DMA at 36,055
The KSE-100 index extended the gain to close at 35,403, up 465 points. Volumes stood at 154mn shares as compared to 151mn shares traded previously. The index has closed above the 30-DMA and is expected to target the 50-DMA standing at 36,055. However, any downside will find support at 35,192 (30-DMA). The RSI has moved up and the Stochastic Oscillator has generated a Buy signal, suggesting a positive trend ahead. Investors are recommended to ‘Buy’ for short term, with risk defined below the 30-DMA. The support and resistance are at 35,106 and 35,702, respectively.
ENGRO: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs294.83; stoploss at Rs273.50.
DGKC: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs63.05 and Rs68.92; stoploss at Rs54.90.