Karachi, December 07, 2021 (PPI-OT): KSE-100; Spinning Top suggests consolidation

The KSE-100 index witnessed a range bound session to close at 43,281, up 48 points. Volumes stood low at 177mn shares versus 288mn shares traded previously. The current pattern suggests consolidation at current levels. Meanwhile, a drop below 42,972 (yesterday’s low) will extend the decline towards 41,970, followed by 41,303. However, any rise above 43,556 will kick off the upward correction with 43,901 and 44,610 in sight. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious at current levels. The support and resistance are at 42,983 and 43,567, respectively.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs116.13; stoploss at Rs129.89.

OGDC: Recovery target intact

Strategy: ‘Buy on dips’ – targeting Rs83.73 and Rs93.31; stoploss at Rs78.75.