Karachi, July 19, 2021 (PPI-OT): KSE-100; Momentum picking up

The KSE-100 index closed the session at 47,834, up 206 points. Volumes stood at 349mn shares as compared to 506mn shares traded previously. The index has just closed above the 30-DMA indicating potential further upside with 48,982 as the next target. However, any downside will find support in the range of 47,625-47,785. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to view any downside as an opportunity to ‘Buy’, with risk defined below 47,628. The support and resistance are at 47,678 and 47,940, respectively.

HCAR: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs380.36 and Rs409.90; stoploss at Rs367.00.

SNGP: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs51.69 and Rs53.90; stoploss at Rs48.25.