Karachi, May 03, 2021 (PPI-OT): KSE-100; Expected further downside
Bears continued to dominate the session as the KSE-100 index lost 601 points to close at 44,262. Volumes stood at 294mn shares versus 280mn shares traded previously. If the decline continues, the likely target will be at 43,471, followed by the 200-DMA at 42,844. However, any upside will continue to face resistance in the range of 44,490-45,020. The RSI and the MACD have continued to decline, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stoploss above the 50-DMA. The support and resistance are at 43,924 and 44,829, respectively.
OGDC: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs88.50 and Rs81.54; stoploss at Rs93.30.
DGKC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs106.97 and Rs102.00; stoploss at Rs113.98.