Karachi, September 09, 2021 (PPI-OT): KSE-100 expected to target the 200-DMA

The KSE-100 index extended the decline to close at 46,397, down 333 points. Volumes stood at 478mn shares versus 424mn shares traded previously. The index is expected to revisit yesterday’s low of 46,310 where a fall below will target the 200-DMA at 45,620. However, any upside will face resistance in the range of 46,525-46,875. The RSI and the MACD are moving down, supporting a negative view. Investors are recommended to ‘Sell on Strength’, with risk defined above 46,875. The support and resistance are at 46,179 and 46,745, respectively.

HCAR: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs270.00; stoploss at Rs307.00.

ENGRO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs272.75; stoploss at Rs290.00.