Karachi, July 15, 2021 (PPI-OT): KSE-100 trading sideways; wait for dips

Another range bound session for the KSE-100 index as it closed at 47,491, up 11 points. Volumes stood at 508mn shares versus 497mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that stands at 47,101 and 47,861, respectively. A break above or below is needed for a directional move. The indicators are mixed, signalling no clear trading view. Investors are recommended to ‘Buy on dips’, with risk defined below the 50-DMA. The support and resistance are at 47,424 and 47,577, respectively.

ISL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs85.64; stop loss at Rs90.10.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs303.67; stop loss at Rs295.10.