Karachi, June 23, 2021 (PPI-OT): KSE-100; Range-bound activity is likely to continue

The KSE-100 index witnessed a volatile session to close at 47,987 (-25 points). Volumes stood at 611mn shares versus 839mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a fall below yesterday’s low of 47,932 will extend the decline towards the 30-DMA (47,210). However, any upside will face resistance in the range of 48,020-48,155. The RSI and the MACD have continued to decline, supporting a corrective view. JS Securities Limited recommends investors to view any upside as an opportunity to ‘Sell’, with risk defined above 48,155. The support and resistance are at 47,894 and 48,117, respectively.

OGDC: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs95.35 and Rs94.64; stoploss at Rs100.00.

MLCF: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs46.09 and Rs43.05; stoploss at Rs48.80.