Karachi, August 11, 2021 (PPI-OT): KSE-100; Consolidation likely at major support level

The KSE-100 index after making a low of 46,928 bounced back to close at 47,135, up 12 points. Volumes stood at 370mn shares as compared to 337mn shares traded previously. The index is expected to revisit yesterday’s high of 47,273 where a break above will target 47,507 (30-DMA), followed by the 50-DMA at 47,755. However, any downside will find support at 46,928 where a fall below will target 45,674, followed by 45,007 (200-DMA). The indicators are mixed, signaling no clear trading view. Investors are recommended to stay sideways at current levels. The support and resistance are at 46,951 and 47,296, respectively.

ISL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs97.00 and Rs101.50; stoploss at Rs91.80.

ATRL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs209.07; stoploss at Rs228.99.