Karachi, September 06, 2021 (PPI-OT): KSE-100; Consolidation expected

The KSE-100 index ended the session at 46,957, up 54 points. Volumes stood at 465mn shares versus 544mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, any upside will continue to face resistance in the range of 47,425-47,500. However, any downside will find support at 46,879 where a fall below will extend the decline towards 45,535 (200-DMA). The RSI has improved, while the MACD is heading down, signaling no clear trading view. JS Securities Limited recommends investors to stay sellers below the 50-DMA. The support and resistance are at 46,853 and 47,088, respectively.

HBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs112.11; stoploss at Rs122.99.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs93.77; stoploss at Rs99.50.