Karachi, July 22, 2019 (PPI-OT): KSE-100 index may initiate recovery trend
The KSE-100 index witnessed a volatile session to close at 32,459, up 149 points. Volumes stood at 122mn shares versus 87mn shares traded previously. The index is likely to revisit Friday’s high of 32,549 where a break above will kick off the recovery trend. However, a fall below Friday’s low of 31,901 will continue the downtrend with 31,540 and 30,825 in sight. The indicators are mixed, signalling no clear trading view. We recommend investors to ‘Buy’ above 32,549. The support and resistance are at 32,078 and 32,844, respectively.
PSO: Recovery expected
Strategy: ‘Buy on dips’ – targeting Rs168.44; stoploss at Rs146.00.
FFC: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs98.69; stoploss at Rs91.40.