Karachi, July 01, 2021 (PPI-OT): KSE-100; Upside likely

The KSE-100 index witnessed another range bound session to close at 47,356, a gain of 218 points. Volumes stood at 550mn shares versus 581mn shares traded previously. The index is expected to face resistance at 47,637 (30-DMA) where a break above will extend the gain towards 48,187, followed by 48,982. However, a fall below 47,138 will target the 50-DMA at 46,632. The RSI and the Stochastic Oscillator have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 47,138. The support and resistance are at 47,175 and 47,498, respectively.

ISL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs97.87 and Rs101.50; stoploss at Rs92.14.

HBL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs112.11; stoploss at Rs124.95.