Karachi, November 04, 2021 (PPI-OT): KSE-100 – A short term correction is due; stay cautious

The KSE-100 index posted a loss of 80 points to close at 47,032. Volumes stood high at 381mn shares versus 306mn shares traded previously. The current pattern suggests that the index is expected to consolidate at current levels. Meanwhile, a break above 47,317 (yesterday’s high) will continue the positive momentum with an upside target of 48,980. However, a fall below 46,968 will initiate the corrective trend with 46,229 (200-DMA) in sight. The indicators are mixed, signalling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 46,895 and 47,244 points, respectively.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs197.71; stoploss at Rs183.00.

UBL: Corrective trend ahead

Strategy: ‘Sell on Strength’ – targeting Rs128.50 and Rs125.36; stoploss at Rs141.75.