Karachi, November 05, 2021 (PPI-OT): KSE-100; Consolidation to continue

The KSE-100 index showed positive movement to close at 47,219, a gain of 187 points. Volumes stood high at 562mn shares versus 381mn shares traded previously. The current pattern suggests that the index is expected to consolidate at current level. Meanwhile, a fall below 46,936 will initiate the corrective trend with 46,237 in sight. However, any upside will face resistance in the range of 47,240-47,330 where a break above these levels will extend the gain towards 48,980. The RSI and the Stochastic Oscillator are heading up, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, keeping stoploss below 46,936. The support and resistance are at 47,023 and 47,329 points, respectively.

ATRL: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs222.64; stoploss at Rs189.40.

UBL: Corrective trend ahead

Strategy: ‘Sell on Strength’ – targeting Rs129.02 and Rs125.52; stoploss at Rs141.75.