Karachi, August 22, 2022 (PPI-OT): KSE-100; Corrective target remains intact

Corrective movement continued as KSE-100 index declined by 211 points DoD to close at 43,271. Volumes stood at 306mn shares versus 620mn shares traded previously. The corrective target for KSE-100 remains intact at 42,862 which could later extend to 42,227 level. However, any upside will face resistance in the range of 43,340-43,540. The RSI and the Stochastic Oscillator have continued to decline, supporting a corrective view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 43,532. The support and resistance are at 43,159 and 43,457, respectively.

DGKC: Correction expected

Strategy: ‘Sell on Strength’ – targeting Rs58.06; stoploss at Rs64.15.

PSO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs178.25 and Rs173.96; stoploss at Rs191.50.