Karachi, July 09, 2021 (PPI-OT): KSE-100; further upside expected

The KSE-100 index posted a gain of 805 points to close at 48,053. Volumes stood at 475mn shares versus 412mn shares traded previously. The index has closed above the 30-DMA indicating potential further upside with 48,981 as the next target. However, any downside will find support in the range of 47,510-47,785. The Stochastic Oscillator and the RSI have moved up, supporting a positive view. We recommend investors to ‘Buy’ at lower levels, with risk defined below 47,516. The support and resistance are at 47,516 and 48,322, respectively.

ENGRO: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs303.81 and Rs304.75; stop loss at Rs296.00.

BOP: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs8.83; stop loss at Rs8.37.