Karachi, December 28, 2021 (PPI-OT): KSE-100 index losing momentum; stay cautious

The KSE-100 index witnessed a range bound activity to close at 43,913, down 205 points. Volumes stood at 115mn shares versus 223mn shares traded previously. The index is expected to target the 30-DMA that is currently at 44,390 level where a break above this level will extend the gain towards 45,109 (50-DMA). Meanwhile, any downside will find support in the range of 43,650-43,790 and a fall below the said range will target the key support level of 42,700. The MACD is on a rising trend, while the RSI has moved down, signalling no clear trading view. A cautious stance is required at current levels. The support and resistance are at 43,784 and 44,105, respectively.

HCAR: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs251.00; stoploss at Rs227.25.

SNGP: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs37.80; stoploss at Rs33.01.