Karachi, July 16, 2021 (PPI-OT): KSE-100 expected to test resistance at the 30-DMA

The KSE-100 index posted a gain of 137 points to close at 47,628. Volumes stood at 506mn shares as compared to 508mn shares traded previously. The index is expected to test resistance at the 30-DMA that stands at 47,845 where a break above will extend the gain towards 48,982. However, any downside will find support at 47,388, followed by the 50-DMA at 47,152. The indicators are mixed, signalling no clear trading view. Investors are recommended to ‘Buy’ at lower levels, keeping stop loss below the 50-DMA. The support and resistance are at 47,432 and 47,781, respectively.

HCAR: Closed above the 30-DMA – Positive

Strategy: ‘Buy on dips’ – targeting Rs380.36; stop loss at Rs359.33.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs303.63; stop loss at Rs295.42.