Karachi, November 25, 2021 (PPI-OT): KSE-100; Slide to continue

PSX witnessed another negative session to close at 44,364, down 585 points. Volumes improved slightly to stand at 310mn shares versus 265mn shares traded previously. The index has violated its major support level indicating the bearish movement may continue. The next target is established at 43,064, which could later extend to a level of 41,970. However, the immediate resistance lies in the range of 44,510-44,830. The RSI and the MACD have continued to decline, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 44,984. The support and resistance are at 44,053 and 44,829, respectively.

ENGRO: Dropped below the moving averages

Strategy: ‘Sell on Strength’ – targeting Rs265.00; stoploss at Rs281.89.

MLCF: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs30.83; stoploss at Rs35.45.