Karachi, November 11, 2021 (PPI-OT): KSE-100; Downside restricted at the 200-DMA

The KSE-100 index showed positive movement to close at a level of 46,630, up 230 points. Volumes stood low at 320mn shares versus 435mn shares traded previously. The index is trading above the 200-DMA that will restrict downside at 46,256, followed by the 50-DMA at 45,829. However, any upside will face resistance in the range of 46,750-46,950 where a break above these levels will target its recent high of 47,608. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 200-DMA. The support and resistance are at 46,435 and 46,790, respectively.

UBL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs131.33 and Rs126.68; stoploss at Rs136.89.

PSO: Upside restricted at the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs182.00 and Rs178.00; stoploss at Rs192.12.