Karachi, July 05, 2021 (PPI-OT): KSE-100; Consolidation expected

The KSE-100 index ended the session at 47,686, down 114 points. Volumes stood at 564mn shares versus 760mn shares traded previously. The index is likely to revisit 48,080 (Friday’s high) where a break above will target 48,187, followed by 48,982. However, a fall below 47,637 will target the 50-DMA at 46,731. The Stochastic Oscillator is heading up, while the RSI has moved down, signaling no clear trading view. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 47,637. The support and resistance are at 47,523 and 47,965, respectively.

UBL: Limited upside

Strategy: ‘Sell on Strength’ – targeting Rs113.90; stoploss at Rs125.25.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs303.92 and Rs306.65; stoploss at Rs294.51.