Karachi, November 22, 2021 (PPI-OT): KSE-100; Upside likely

The KSE-100 index ended the session at 46,489, up by 379 points. Volumes stood at 304mn shares versus 264mn shares traded previously. The index has closed above the 200-DMA indicating potential further upside. Moreover, the 30-DMA has crossed the 50-DMA which is also a bullish sign. A break above 46,602 (Friday’s high) will confirm the start of a bullish rally with 47,608 and 48,884 levels in sight. However, any downside will find support at 46,266, followed by the 50-DMA at 45,734. JS Securities Limited recommends investors to view any dip as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 46,127 and 46,727, respectively.

HBL: Closed above the 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs131.90; stoploss at Rs124.88.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs294.79 and Rs304.90; stoploss at Rs287.16.