Karachi, August 08, 2019 (PPI-OT): KSE-100; Slide to continue
Bears continued to dominate the session as the KSE-100 index lost 723 points to close at 30,277. Volumes stood at 65mn shares as compared to 54mn shares traded previously. The index is expected to revisit yesterday’s low of 30,229 where a drop below will target 29,670. However, any upside will face resistance in the range of 30,500-30,815 where a break above will kick off the upward correction. The RSI and the MACD are moving down, supporting a negative view. Investors are recommended to ‘Sell on Strength’, with risk defined above 30,815. The support and resistance are at 30,022 and 30,535, respectively.
ENGRO: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs238.38 and Rs231.81; stoploss at Rs252.60.
HUBC: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs61.47; stoploss at Rs67.53.