Karachi, December 21, 2022 (PPI-OT): KSE-100; Pullback inside the band likely

Bears continued to dominate the session as KSE-100 index lost 1,138 points to close at 39,832 level. Volumes improved to 265mn shares from 143mn shares traded previously. The index is expected to re-test support at yesterday’s low of 39,533 where a fall below that will target 39,110, followed by 38,343. However, any upside will face resistance in the range of 40,130-40,400 levels. The index is trading below the lower Bollinger Band, hence, a short term pullback inside the band cannot be ruled out. JS Securities Limited recommends investors to ‘Buy’ for trading gains, keeping stop-loss below 39,533. The support and resistance are at 39,231 and 40,735 points, respectively.

MLCF: Indicators are heading up

Strategy: ‘Buy on dips’ – targeting Rs25.43 and Rs26.39; stoploss at Rs21.30.

SNGP: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs33.39 and Rs31.50; stoploss at Rs36.64.