Karachi, July 23, 2021 (PPI-OT): KSE-100 expected to consolidate above the 30-DMA

The KSE-100 index ended the session at 47,873, up 39 points. Volumes stood at 321mn shares versus 349mn shares traded previously. The index is trading above the 30-DMA that will restrict downside at 47,818, followed by 47,751. However, any upside will face resistance at 48,006 (Monday’s high) where a break above will extend the gain towards 48,982. The RSI and the Stochastic Oscillator are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 47,751. The support and resistance are at 47,747 and 48,003, respectively.

HCAR: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs409.90; stoploss at Rs377.00.

SNGP: Bullish crossover

Strategy: ‘Buy on dips’ – targeting Rs53.90 and Rs55.27; stoploss at Rs49.25.