Karachi, April 20, 2022 (PPI-OT): KSE-100; Expected target at the 200-DMA

KSE-100 index extended the decline to close at 46,333, down 206 points DoD. Volumes stood at 229mn shares versus 256mn shares traded previously. The index is expected to continue the corrective trend with 45,553 (200-DMA) as the next target which may expose further weakness towards 44,500 level. However, any upside will face resistance in the range of 46,450 to 46,750 where a break above that will cause the uptrend to resume. The RSI has moved down and the Stochastic Oscillator has generated a Sell signal, supporting the corrective view. We recommend investors to ‘Sell on Strength’, keeping stop-loss above 46,746. The support and resistance are at 46,157 and 46,628, respectively.

ATRL: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs148.74 and Rs143.25; stoploss at Rs163.00.

UBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs134.50; stoploss at Rs142.78.