Karachi, August 02, 2021 (PPI-OT): KSE-100; Expected target at 46,306

The KSE-100 index posted a loss of 257 points to close at 47,055. Volumes stood at 399mn shares versus 376mn shares traded previously. The index is expected to revisit Friday’s low of 46,925 where a fall below will continue the downtrend with 46,306 and 45,674 as the downside targets. However, any upside will face resistance in the range of 47,200-47,570, followed by the 30-DMA at 47,652. The Stochastic Oscillator and the MACD have continued to decline, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above the 30-DMA. The support and resistance are at 46,773 and 47,490, respectively.

MLCF: 200-DMA breakdown confirmation

Strategy: ‘Sell on Strength’ – targeting Rs40.82; stoploss at Rs43.95.

HBL: Moving averages to restrict upside

Strategy: ‘Sell on Strength’ – targeting Rs122.05; stoploss at Rs129.54.