Karachi, December 24, 2021 (PPI-OT): KSE-100; Consolidation to continue

The KSE-100 index witnessed another range bound session to close at 44,267 level, up 92 points DoD. Volumes stood at 240mn shares versus 152mn shares traded previously. The index is expected to test resistance in the range of 44,440 – 44,505 where a break above these levels will target the 50-DMA at 45,131. Meanwhile, any downside will find support in the range of 43,930 – 44,100. The indicators are mixed, supporting a neutral view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 44,101 and 44,440, respectively.

HCAR: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs251.00; stoploss at Rs227.60.

OGDC: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs91.73; stoploss at Rs83.63.