Karachi, April 14, 2022 (PPI-OT): KSE-100; A short term correction expected

KSE-100 index after making a high of 46,643 slid to close at 46,166, down 242 points DoD. Volumes stood at 475mn shares versus 494mn shares traded previously. The index is expected to revisit yesterday’s low of 46,062 where a drop below that will initiate the corrective trend with 45,573 in sight. Meanwhile, any upside will face resistance in the range of 46,290-46,520. The indicators are mixed, signalling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 45,938 and 46,518, respectively.

UBL: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs134.12; stoploss at Rs144.94.

ISL: Support at 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs70.10 and Rs72.50; stoploss at Rs62.42.