Karachi, July 13, 2021 (PPI-OT): KSE-100 expected to test support at the 50-DMA

The KSE-100 index extended the decline to close at 47,447, a loss of 116 points. Volumes stood at 475mn shares versus 506mn shares traded previously. The index is expected to test support at the 50-DMA that stands at 47,021 where a fall below will extend the decline towards 45,674. However, any upside will face resistance in the range of 47,715-47,910. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 47,332 and 47,639, respectively.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs85.55; stop loss at Rs91.00.

PPL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs80.51; stop loss at Rs87.82.