Karachi, July 28, 2021 (PPI-OT): KSE-100; Low range activity expected

The KSE-100 index failed to sustain its intraday high of 47,910 and slid to close at 47,687, up 14 points. Volumes stood at 433mn shares versus 450mn shares traded previously. The index is expected to test support at the 50-DMA that is standing at 47,475 where a fall below will initiate the downtrend with 46,937 and 45,674 in sight. However, any upside will continue to face resistance at the 30-DMA that stands at 47,785. The RSI has improved, while the Stochastic Oscillator is heading down, signaling no clear trading view. Investors are recommended to stay cautious at current levels. The support and resistance are at 47,565 and 47,859, respectively.

ISL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs85.98; stoploss at Rs90.01.

HCAR: Corrective trend ahead

Strategy: ‘Sell on Strength’ – targeting Rs358.74; stoploss at Rs389.00.