Karachi, July 30, 2021 (PPI-OT): KSE-100; Restricted upside

The KSE-100 index after hitting a low of 46,955 (-363 points) bounced back to close at 47,312, down 6 points. Volumes stood at 376mn shares as compared to 366mn shares traded previously. The index is expected to test support at yesterday’s low where a fall below will target 46,306, followed by 45,674. However, any upside will face resistance in the range of 47,545-47,705. The MACD and the Stochastic Oscillator are heading down, supporting a negative view. Investors are recommended to ‘Sell’ on the higher side, with risk defined above the 30-DMA. The support and resistance are at 47,060 and 47,459, respectively.

ISL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs86.16; stoploss at Rs89.75.

HCAR: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs358.87; stoploss at Rs375.12.