Karachi, December 02, 2021 (PPI-OT): KSE-100; Consolidating at the 50-DMA

The KSE-100 index showed positive movement to close at 45,369 (+297 points). Volumes stood at 241mn shares versus 411mn shares traded previously. The index is expected to re-test resistance at the 50-DMA that currently stands at 45,428 level and a break above the same will target the 200-DMA at 46,200. However, any downside will find support in the range of 45,140-45,300. Meanwhile, the RSI and the Stochastic Oscillator have shown improvement, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy’ for trading gains, keeping stoploss below 45,072. The support and resistance are at 45,141 and 45,529, respectively.

PPL: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs83.14; stoploss at Rs74.62.

MLCF: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs41.74; stoploss at Rs35.32.