Karachi, December 09, 2022 (PPI-OT): KSE-100; Range bound activity expected
KSE-100 index witnessed a volatile session to close at 41,652 level, down 168 points DoD. Volumes stood at 228mn shares versus 221mn shares traded previously. The index is expected to re-test support at 41,599 where a fall below that will target the recent low of 41,297. However, any upside will face resistance in the range of 41,725-41,855, followed by the 50-DMA at 42,115. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 41,540. The support and resistance are at 41,525 and 41,853 levels, respectively.
ATRL: Engulfing Bear
Strategy: ‘Sell on Strength’ – targeting Rs152.54; stoploss at Rs162.70.
ISL: Recovery target remains intact
Strategy: ‘Buy on dips’ – targeting Rs47.52 and Rs50.26; stoploss at Rs43.10.