Karachi, December 28, 2022 (PPI-OT): KSE-100; Consolidation expected

Bears dominated the session as KSE-100 index lost 352 points to close at the 39,803. The market volume for the session was recorded at 154mn shares. The index is likely to re-test support at 39,705 where a fall below that will target in the range of 39,270 to 39,500 levels. However, any upside will face resistance in the range of 39,940 – 40,180 levels, followed by 40,315 where a break above that will extend the gain towards 40,958. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 39,567 and 40,177 points, respectively.

ATRL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs143.77 and Rs152.84; stoploss at Rs138.65.

HCAR: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs150.79 and Rs157.69; stoploss at Rs141.57.