Karachi, October 22, 2021 (PPI-OT): KSE-100; Re-test at the 200-DMA
The KSE-100 index reacted from its key resistance level of 200-DMA to close at 45,821, up 322 points. Volumes stood at 338mn shares versus 313mn shares traded previously. The index is expected to re-test its key level of 46,146 (200-DMA) where a break above will target 48,145. However, any downside will find support at the 30-DMA that currently stands at 45,339. The RSI and the MACD have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below the 30-DMA. The support and resistance are at 45,480 and 46,163, respectively.
PSO: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs200.06 and Rs207.28; stoploss at Rs189.25.
ISL: Recovery trend intact
Strategy: ‘Buy on dips’ – targeting Rs80.60 and Rs87.11; stoploss at Rs74.80.