Karachi, September 14, 2021 (PPI-OT): KSE-100 expected to test resistance at the 50-DMA

The KSE-100 index ended the session higher at 47,270, up 72 points. Volumes stood at 396mn shares versus 427mn shares traded previously. The index is expected to test resistance at the 50-DMA that is currently at 47,389 where a break above that level will extend the gain towards 48,144. Any downside will find support at yesterday’s low of 47,169. Meanwhile, the RSI and the Stochastic Oscillator are also heading up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy’ above the 50-DMA. The support and resistance are at 47,169 and 47,370, respectively.

SNGP: Limited downside

Strategy: ‘Buy on dips’ – targeting Rs48.41; stoploss at Rs44.50.

HBL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs121.49 and Rs125.48; stoploss at Rs115.52.