Karachi, September 02, 2021 (PPI-OT): KSE-100 to consolidate below the 50-DMA

Once again, the KSE-100 index failed to clear its 50-DMA resistance and closed at 47,413, down 6 points. Volumes stood at 537mn shares versus 379mn shares traded previously. The index is consolidating below the 50-DMA that stands at 47,547 where a break above will extend the gain towards 48,145. However, any downside will revisit 47,355 (yesterday’s low) and a fall below the said level will target 46,672. The indicators are mixed, signaling no clear trading view. Investors are recommended to ‘Buy’ above the 50-DMA. The support and resistance are at 47,303 and 47,576, respectively.

BOP: Pullback likely from the 50-DMA support

Strategy: ‘Buy on dips’ – targeting Rs8.66; stoploss at Rs8.32.

HCAR: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs319.74; stoploss at Rs345.00.