Karachi, June 22, 2021 (PPI-OT): KSE-100 expected to target the 30-DMA

The KSE-100 index posted a loss of 226 points to close at 48,013. Volumes stood at 839mn shares versus 751mn shares traded previously. The index is expected to re-test support at 47,964 where a fall below will target 47,080 (30-DMA). However, any upside will face resistance in the range of 48,115-48,370. The RSI and the MACD are moving down, supporting a corrective view. Investors are recommended to ‘Sell on Strength’, with risk defined above 48,370. The support and resistance are at 47,861 and 48,267, respectively.

OGDC: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs95.37 and Rs94.39; stoploss at Rs102.47.

MLCF: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs45.89 and Rs43.00; stoploss at Rs49.19.