Karachi, March 17, 2022 (PPI-OT): KSE-100; Recovery trend remains intact

KSE-100 index extended the gain to close at 43,976, up 256 points DoD. Volumes stood at 237mn shares versus 189mn shares traded previously. The index is expected to revisit yesterday’s high of 44,281 where a break above that will target the range of 44,800-45,035 levels. However, any downside will find support at 43,720 (yesterday’s low) and a drop below the said level will resume the downtrend with 43,325 and 42,700 as the downside targets. The RSI and the MACD are heading up, supporting a recovery view. Investors are recommended to ‘Buy’ for trading gains with risk defined below 43,720. The support and resistance are at 43,703 and 44,265, respectively.

ATRL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs131.02 and Rs138.37; stoploss at Rs123.80.

ISL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs63.11 and Rs66.01; stoploss at Rs58.90.