Karachi, April 08, 2022 (PPI-OT): KSE-100; 30-DMA to restrict upside

KSE-100 index after making a high of 44,350 slid to close in the negative zone at 43,787, down 324 points DoD. Volumes stood at 141mn shares as compared to 108mn shares traded previously. The index is expected to face resistance at the 30-DMA that currently stands at 43,910 where a break above that will target 44,350. However, any downside will find support at 43,752 (yesterday’s low) and a fall below this level will cause the downtrend to resume targeting the 42,715-42,940 range. Investors are recommended to stay cautious at current levels. The support and resistance are at 43,576 and 44,174, respectively.

MLCF: Moving averages to restrict upside

Strategy: ‘Sell on Strength’ – targeting Rs32.00 and Rs29.85; stoploss at Rs33.70.

ISL: Dropped below the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs54.70 and Rs50.31; stoploss at Rs59.78.