Karachi, November 26, 2021 (PPI-OT): KSE-100; Short term pullback expected
Bears continued to dominate the session as KSE-100 index shed 428 points to close at the 43,936 level. Volumes stood at 195mn shares versus 310mn shares traded previously. The overall trend still appears to be bearish with a downside target at 43,064, followed by 41,970. However, a short-term recovery cannot be ruled out as the index is trading below the lower Bollinger Band. The recovery target will be in the range of 44,050-44,520 and that could be further extended to a level of 45,552 (50-DMA). JS Securities Limited recommends investors to view any upside as an opportunity to ‘Sell’, with risk defined above 44,516. The support and resistance are at 43,609 and 44,390, respectively.
ENGRO: Downside target remains intact
Strategy: ‘Sell on Strength’ – targeting Rs265.00; stoploss at Rs280.33.
MLCF: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs30.83; stoploss at Rs33.48.