Karachi, July 10, 2019 (PPI-OT): KSE-100; Consolidation expected
The KSE-100 index adjusted its previous declines to close at 33,856, up 113 points. Volumes stood flat at 60mn shares. The index is likely to revisit yesterday’s low of 33,656 where a fall below will target 33,410, followed by 32,695. However, any upside will face resistance at 34,051 (yesterday’s high). The Stochastic Oscillator and the MACD are moving down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 34,051. The support and resistance are at 33,628 and 34,085, respectively.
SNGP: Moving averages to restrict upside
Strategy: ‘Sell on Strength’ – targeting Rs61.83; stoploss at Rs68.00.
DGKC: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs48.80; stoploss at Rs54.29.