Karachi, November 18, 2021 (PPI-OT): KSE-100; Consolidation expected – ‘wait for dips’

The KSE-100 index posted a loss of 348 points to close at 46,194. Volumes stood at 238mn shares versus 243mn shares traded previously. The index is likely to test support in the range of 45,660-45,750 where a fall below that will cause the downtrend to resume with 44,800 in sight. However, any upside will face resistance in the range of 46,300-46,550 where a break above these levels will target the recent high level of 47,608. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 45,959 and 46,543, respectively.

UBL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs143.37; stoploss at Rs134.23.

ENGRO: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs295.03; stoploss at Rs280.34.