Karachi, April 28, 2022 (PPI-OT): KSE-100 at its key support level; stay watchful

The KSE-100 index extended the loss to close at 45,533, down 284 points DoD. Volumes stood at 224mn shares versus 210mn shares traded previously. The index is expected to re-test support at 45,501 (200-DMA) where a fall below that will target the 44,500 to 44,700 range. However, any upside will face resistance in the range of 45,650-45,840 and any upside break above the said range will target 46,205. The RSI and the MACD are moving down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 45,958. The support and resistance are at 45,358 and 45,834, respectively.

HBL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs105.04 and Rs102.66; stoploss at Rs111.50.

DGKC: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs65.60 and Rs61.86; stoploss at Rs70.21.