Karachi, December 20, 2021 (PPI-OT): KSE-100 expected to trade range bound

The KSE-100 index witnessed a range bound session to close at 43,901, up 169 points. Volumes stood at 252mn shares versus 312mn shares traded previously. The index is expected to re-test resistance at Friday’s high of 44,004 where a break above this level will extend the gain towards 44,823 (30-DMA). However, any downside will find support in the range of 43,630-43,820. The RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 43,556. The support and resistance are at 43,637 and 44,084, respectively.

ISL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs68.84 and Rs72.32; stoploss at Rs62.30.

UBL: Upside restricted at the 50-DMA

Strategy: ‘Sell on Strength’ – targeting Rs127.34; stoploss at Rs138.96.