Karachi, November 16, 2021 (PPI-OT): KSE-100 dropped below the 200-DMA – ‘Negative’

Following its previous bearish formation (Engulfing Bear), the KSE-100 index posted a loss of 599 points to close at 45,749. Volumes stood at 192mn shares versus 270mn shares traded previously. The index has dropped below the 200-DMA that will now restrict upside at 46,258. Meanwhile, any downside will find support in the range of 45,535-45,720 where a drop below these levels will target 44,800 which could later extend to a level of 43,046. The RSI and MACD are also heading down, suggesting a negative trend ahead. JS Securities Limited recommends investors to ‘Sell’ below the level of 45,535. The support and resistance are at 45,508 and 46,200, respectively.

ATRL: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs155.49 and Rs147.97; stoploss at Rs174.00.

HCAR: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs202.78 and Rs194.55; stoploss at Rs224.93.