Karachi, October 21, 2021 (PPI-OT): KSE-100; Expected target at the 200-DMA
The KSE-100 index posted a gain of 870 points to close at the level of 45,499. Volumes stood at 313mn shares versus 248mn shares traded previously. The index has closed above the 30-DMA indicating potential further upside. The next target is established at the 200-DMA that stands at a level of 46,134. Meanwhile, any downside will find support in the range of 44,900-45,230. The RSI and the MACD are heading up, supporting a positive view. We recommend investors to view any downside as an opportunity to ‘Buy’, with risk defined below 44,630. The support and resistance are at 44,898 and 45,832, respectively.
ATRL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs195.67 and Rs207.08; stoploss at Rs179.10.
MLCF: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs36.93 and Rs40.70; stoploss at Rs33.30.