Karachi, November 08, 2021 (PPI-OT): KSE-100; Long Upper Shadow – stay cautious

The KSE-100 index witnessed a volatile session to close at 47,296, up 77 points. Volumes stood at 470mn shares versus 562mn shares traded previously. The index is expected to revisit Friday’s low of 47,184 where a drop below this level will target the 200-DMA that stands at 46,245. However, a break above 47,608 will continue the bullish momentum with 48,980 as the upside target. The RSI and the MACD have continued to rise, supporting a positive view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 47,117 and 47,541 points, respectively.

OGDC: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs96.28; stoploss at Rs86.10.

ISL: 50-DMA to restrict upside

Strategy: ‘Sell on Strength’ – targeting Rs77.45; stoploss at Rs83.69.