Karachi, June 24, 2021 (PPI-OT): KSE-100; Downside target remains intact at 30-DMA

The KSE-100 index extended the decline to close at 47,901, down 86 points. Volumes stood at 619mn shares versus 611mn shares traded previously. If the decline continues, the likely target will be at the 30-DMA that stands at 47,321. However, any upside will face resistance in the range of 47,965-48,135 where a break above will cause the uptrend to resume. The RSI and the MACD are moving down, supporting a corrective view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above 48,135. The support and resistance are at 47,804 and 48,066, respectively.

OGDC: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs95.32; stoploss at Rs100.60.

BOP: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs8.92; stoploss at Rs8.30.