Karachi, October 08, 2021 (PPI-OT): KSE-100 trending sideways; ‘Buy’ for trading gains

After two consecutive negative sessions, the KSE-100 recovered to close at 44,586, up 213 points. Volumes improved to 296mn shares from 253mn shares traded previously. The current pattern suggests that the index is expected to consolidate at current levels. Meanwhile, a break above the level of 44,947 will extend the gain towards the 200-DMA that currently stands at the 46,094 level. However, any downside will find support at 43,970 where a fall below the said level will cause the downtrend to resume with 42,700 in sight. The RSI and the MACD have improved, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ for short term gains, with risk defined below 43,970. The support and resistance are at 44,324 and 44,898, respectively.

ATRL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs208.26; stoploss at Rs183.01.

ISL: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs82.70, followed by 87.79; stoploss at Rs76.44.