Karachi, September 01, 2021 (PPI-OT): KSE-100 expected to re-test resistance at the 50-DMA

The KSE-100 index failed to clear its 50-DMA resistance and closed at 47,420, up 54 points. Volumes stood at 379mn shares versus 383mn shares traded in the last session. The index is likely to make another attempt to clear its resistance level of 47,568 (50-DMA) and any break above the said level will extend the gain towards 48,145. Meanwhile, any downside will find support in the range of 47,200-47,350. The Stochastic Oscillator and the RSI have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy’ above the 50-DMA. The support and resistance are at 47,314 and 47,560, respectively.

SNGP: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs49.33; stoploss at Rs47.45.

ISL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs93.74; stoploss at Rs99.00.