Karachi, September 16, 2021 (PPI-OT): KSE-100; Slide to continue

The KSE-100 index witnessed another negative session to close at 46,717 (-175 points). Volumes stood at 333mn shares versus 480mn shares traded previously. The index is likely to revisit 46,505 (yesterday’s low) where a drop below the said level will target the 200-DMA that currently stands at 45,780. Any upside will face resistance in the range of 46,725-46,955. The RSI and the MACD have moved down, suggesting a negative trend ahead. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above the 50-DMA. The support and resistance are at 46,497 and 46,944, respectively.

ISL: Downside to continue

Strategy: ‘Sell on Strength’ – targeting Rs89.97; stoploss at Rs96.04.

HBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs125.48; stoploss at Rs119.05.