Karachi, September 29, 2021 (PPI-OT): KSE-100; Expected target at the 200-DMA

The KSE-100 index witnessed a positive session to close at 45,275, a gain of 457 points. Volumes stood at 365mn shares versus 301mn shares traded previously. The index is expected to continue the recovery trend with 46,007 as the upside target. However, any downside will find support at yesterday’s low of 44,747 where a fall below that level will cause the downtrend to resume. The RSI and the Stochastic Oscillator have generated Buy signals, supporting a recovery view. Investors are recommended to ‘Buy on dips’, keeping stoploss below 44,747. The support and resistance are at 44,917 and 45,464, respectively.

MLCF: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs37.50 and Rs39.95; stoploss at Rs33.20.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs288.26 and Rs291.08; stoploss at Rs277.50.