Karachi, November 24, 2021 (PPI-OT): KSE-100 dropped below the 50-DMA; ‘Negative’

Bears continued to dominate the session as the KSE-100 index lost 796 points to close at 44,949. Volumes stood at 265mn shares versus 262mn shares traded previously. The index has dropped below the 50-DMA that will now restrict upside at 45,658, followed by the 200-DMA at 46,255. However, a fall below 44,881 (yesterday’s low) will extend the decline towards its recent low of 43,046. Meanwhile, the RSI and the MACD are heading down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above the 50-DMA. The support and resistance are at 44,581 and 45,615, respectively.

PSO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs170.00 and Rs165.06; stoploss at Rs180.99.

DGKC: Downtrend resume

Strategy: ‘Sell on Strength’ – targeting Rs76.50 and Rs68.02; stoploss at Rs84.60.