Karachi, September 07, 2021 (PPI-OT): KSE-100; Consolidation likely at key support levels

The KSE-100 index witnessed a range bound session to close at 46,919, down 39 points. Volumes stood at 418mn shares versus 465mn shares traded previously. The index is likely to revisit yesterday’s low of 46,889 where a fall below will find support at 46,672. However, any drop below the said level will extend the decline towards the 200-DMA that stands at 45,563. Meanwhile, any upside will continue to face resistance in the range of 47,390-47,475. The RSI and the MACD are moving down, supporting a negative view. JS Securities Limited recommends investors to stay sellers below the 50-DMA. The support and resistance are at 46,843 and 47,041, respectively.

HBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs112.11; stoploss at Rs121.88.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs93.79; stoploss at Rs99.25.