Karachi, April 21, 2022 (PPI-OT): KSE-100; Corrective target remains intact at 200-DMA

Bears continued to dominate the session as KSE-100 index lost 390 points to close at 45,943 level. Volumes stood at 235mn shares versus 229mn shares traded previously. The index is expected to test support at the 200-DMA that currently stands at 45,546 where a fall below that will target 44,500. However, any upside will face resistance in the range of 46,140-46,390. The RSI is heading down and the MACD has taken a downturn, supporting a corrective view. We recommend investors to stay sellers on the higher side, with risk defined above 46,586. The support and resistance are at 45,694 and 46,389, respectively.

ATRL: Price is stalling below 200-DMA

Strategy: ‘Sell on Strength’ – targeting Rs148.74 and Rs143.25; stoploss at Rs164.99.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs62.13 and Rs61.14; stoploss at Rs67.29.