Karachi, August 20, 2021 (PPI-OT): KSE-100 moving averages still a hurdle for upside

The KSE-100 index posted a gain of 346 points to close at 47,258. Volumes stood at 246mn shares versus 252mn shares traded previously. The index is trading below the 30-DMA and the 50-DMA that will restrict upside at 47,477 and 47,685, respectively. Meanwhile, any downside will find support at 46,913 where a drop below will extend the decline towards 45,674, followed by the 200-DMA at 45,166. The indicators are mixed, signaling no clear trading view. Investors are recommended to stay sellers below the 50-DMA. The support and resistance are at 47,023 and 47,384, respectively.

ATRL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs228.56 and Rs239.80; stoploss at Rs210.40.

HCAR: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs333.00; stoploss at Rs363.92.