Karachi, September 08, 2021 (PPI-OT): KSE-100; Bears are gaining momentum

The KSE-100 index witnessed a negative session to close at 46,730, down 189 points. Volumes stood at 424mn shares versus 418mn shares traded previously. If the decline continues, the likely target will be at the 200-DMA that is standing at 45,591. However, any upside will face resistance in the range of 46,780-46,995. Meanwhile, the RSI and the MACD have continued to decline, supporting a bearish view. JS Securities Limited recommends investors to view any upside as an opportunity to ‘Sell’, keeping stoploss above 46,995. The support and resistance are at 46,567 and 46,944, respectively.

HCAR: Dropped below the 200-DMA

Strategy: ‘Sell on Strength’ – targeting Rs270.00; stoploss at Rs323.50.

ISL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs93.80; stoploss at Rs97.89.