Karachi, July 07, 2021 (PPI-OT): KSE-100; Consolidation to continue

A steady downtrend continued for the KSE-100 index as it lost 83 points to close at 47,346. Volumes stood at 541mn shares versus 495mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that are standing at 46,822 and 47,850, respectively. A break above or below is needed for a directional move. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 47,171 and 47,594, respectively.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs303.86; stoploss at Rs294.00.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs209.98; stoploss at Rs257.23.