Karachi, October 20, 2021 (PPI-OT): KSE-100; Consolidation expected – wait for dips
On Monday, the KSE-100 index posted a loss of 192 points to close at 44,629. Volumes stood at 248mn shares versus 334mn shares traded previously. The index is expected to revisit 44,990 (Monday’s high) where a break above will continue the recovery trend. The initial target range will be between 45,000 and 45,500 and this could be further extended to a level of 46,122 (200-DMA). Meanwhile, a fall below 44,442 will cause the downtrend to resume with 43,046 in sight. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to wait for dips. The support and resistance are at 44,384 and 44,932, respectively.
SNGP: Recovery trend ahead
Strategy: ‘Buy on dips’ – targeting Rs44.48 and Rs46.03; stoploss at Rs41.26.
HBL: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs126.31; stoploss at Rs117.05.