Karachi, November 16, 2021 (PPI-OT): KSE-100 expected to re-test support at the 30-DMA

The KSE-100 index witnessed a range bound activity to close at 45,736, down 13 points. Volumes stood dull at 173mn shares versus 192mn shares traded previously. The index is expected to re-test support at the 30-DMA that currently stands at 45,566 and a fall below the said level will target 44,800. However, any upside will face resistance in the range of 45,900-46,100. The RSI and the MACD are also heading down, suggesting a negative trend ahead. JS Securities Limited recommends investors to ‘Sell’ below the 30-DMA. The support and resistance are at 45,551 and 45,916, respectively.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs155.49 and Rs147.97; stoploss at Rs166.95.

HCAR: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs202.78 and Rs194.55; stoploss at Rs215.50.