Karachi, September 17, 2021 (PPI-OT): KSE-100 expected to target its key resistance

The KSE-100 index showed positive movement to close at 46,920, a gain of 204 points. Volumes stood at 405mn shares versus 333mn shares traded previously. The index is expected to target the range of 47,215-47,355 where a break above will extend the gain towards 48,145. However, any downside will find support at yesterday’s low of 46,623 where a fall below will target the 200-DMA at 45,814. The RSI has improved, while the Stochastic Oscillator has moved down, signaling no clear trading view. JS Securities Limited recommends investors to stop selling above the 50-DMA. The support and resistance are at 46,710 and 47,045, respectively.

ENGRO: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs292.40 and Rs301.39; stoploss at Rs285.00.

HBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs125.48; stoploss at Rs119.60.