Karachi, August 26, 2021 (PPI-OT): KSE-100 expected to test support at the 30-DMA

The KSE-100 index closed the session at 47,636, down 193 points. Volumes stood at 385mn shares versus 395mn shares traded previously. The index is likely to test support at the 30-DMA standing at 47,525 where a fall below will cause the downtrend to resume. However, any upside will face resistance in the range of 47,660-47,920. The indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 30-DMA. The support and resistance are at 47,530 and 47,829, respectively.

SNGP: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs44.95; stoploss at Rs50.25.

HCAR: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs333.00; stoploss at Rs364.56.