Karachi, July 02, 2021 (PPI-OT): KSE-100 closed above the 30-DMA – A positive sign

The KSE-100 index showed positive movement to close at 47,801 (+445 points). Volumes stood at 760mn shares versus 550mn shares traded previously. The index has closed above the 30-DMA that will now provide support at 47,712 where a fall below will target the 50-DMA at 46,681. However, a break above 47,843 will extend the gain towards 48,187, followed by 48,982. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 47,356. The support and resistance are at 47,490 and 47,977, respectively.

ISL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs97.87 and Rs101.50; stoploss at Rs92.44.

OGDC: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs100.04 and Rs101.87; stoploss at Rs95.18.