Karachi, November 10, 2021 (PPI-OT): KSE-100; Support at the 200-DMA

The KSE-100 index posted a loss of 715 points to close at 46,400. Volumes stood at 435mn shares versus 365mn shares traded previously. The index is likely to test support at the 200-DMA that stands at 46,253 where a fall below will initially target the 50-DMA at 45,845, followed by 44,789. However, any upside will face resistance in the range of 46,620-46,950. The RSI and the MACD have moved down, suggesting a corrective trend ahead. JS Securities Limited recommends investors to ‘Sell’ below the 200-DMA. The support and resistance are at 46,080 and 46,947, respectively.

UBL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs130.79 and Rs126.39; stoploss at Rs139.24.

ENGRO: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs265.00; stoploss at Rs283.00.