Karachi, August 12, 2021 (PPI-OT): KSE-100; Moving averages to restrict upside

The KSE-100 index posted a gain of 242 points to close at 47,377. Volumes stood at 383mn shares versus 370mn shares traded previously. The index is expected to re-test resistance at the 30-DMA standing at 47,499 where a break above will target 50-DMA at 47,760. However, any downside will find support at yesterday’s low of 47,135. Meanwhile, the indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 47,133 and 47,625, respectively.

ISL: Upside target intact

Strategy: ‘Buy on dips’ – targeting Rs97.00 and Rs101.50; stoploss at Rs91.77.

ATRL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs209.56; stoploss at Rs235.00.