Karachi, August 12, 2022 (PPI-OT): KSE-100; A short term correction expected

KSE-100 index witnessed a volatile session to close at 42,243, down 252 points DoD. Volumes stood at 282mn shares versus 373mn shares traded previously. The index is expected to re-test support at 42,215 where a fall below that will target 42,013, followed by 41,541. However, any upside will face resistance in the range of 42,670-42,780 where a break above that will continue the bullish momentum with 43,974 in sight. The indicators are mixed, signaling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 42,080 and 42,543, respectively.

MLCF: Correction expected

Strategy: ‘Sell on Strength’ – targeting Rs26.21; stoploss at Rs29.30.

ISL: Moving up slowly

Strategy: ‘Buy on dips’ – targeting Rs64.09; stoploss at Rs59.50.