Karachi, November 23, 2021 (PPI-OT): KSE-100 to test support at the 50-DMA; Stay cautious
The KSE-100 index posted a loss of 744 points to close at 45,745. Volumes stood at 262mn shares versus 304mn shares traded previously. The index is likely to test support at the 50-DMA that stands at 45,705 where a fall below will initiate the downtrend with 44,789 and 43,046 in sight. However, any upside will face resistance in the range of 46,020-46,265. The RSI and the MACD have moved down, suggesting a negative trend ahead. A cautious stance is required at current levels. The support and resistance are at 45,440 and 46,325, respectively.
PSO: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs170.00 and Rs165.06; stoploss at Rs180.99.
SNGP: Holding the support
Strategy: ‘Buy on dips’ – targeting Rs43.97 and Rs48.45; stoploss at Rs41.46.