Karachi, June 30, 2021 (PPI-OT): KSE-100; Consolidation to continue

The KSE-100 index failed to sustain its intraday high of 47,509 and slid to close at 47,138, up 135 points. Volumes stood at 581mn shares versus 655mn shares traded previously. The index is expected to consolidate between the 50-DMA and the 30-DMA that are standing at 46,585 and 47,581, respectively. The RSI and the Stochastic Oscillator have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below the 50-DMA. The support and resistance are at 46,913 and 47,435, respectively.

ISL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs97.87 and Rs101.50; stoploss at Rs91.86.

HBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs112.11; stoploss at Rs127.81.