Karachi, December 23, 2021 (PPI-OT): KSE-100 index expected to trade range bound

The KSE-100 index witnessed range bound activity to close almost flat at 44,175 level. Volumes stood at 152mn shares versus 223mn shares traded previously. The index is expected to consolidate below the 30-DMA that is currently at 44,574 where a break above the said level will target the 50-DMA at 45,110. However, any downside will find support in the range of 43,980-44,080 where a drop below these levels will target the key support of 42,700. The indicators are mixed, signalling no clear trading view. A cautious stance is required at current levels. The support and resistance are at 44,080 and 44,282, respectively.

HCAR: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs251.00; stoploss at Rs226.00.

UBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs127.46; stoploss at Rs135.40.