Karachi, March 05, 2021 (PPI-OT): KSE-100; Moving averages to restrict upside
The KSE-100 index posted a loss of 882 points to close at 45,279. Volumes stood at 441mn shares versus 404mn shares traded previously. The index has dropped below the 50-DMA that will now restrict upside at 45,674, followed by 46,200 (30-DMA). Meanwhile, a fall below 45,088 will extend the decline in the range of 44,150-44,280, followed by 43,327. The RSI and the MACD have moved down, supporting a negative view. Investors are recommended to ‘Sell on Strength’, with risk defined above the 50-DMA. The support and resistance are at 44,857 and 45,930, respectively.
PSO: Restricted upside
Strategy: ‘Sell on Strength’ – targeting Rs229.00 and Rs213.91; stoploss at Rs239.87.
DGKC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs126.10; stoploss at Rs136.10.