Karachi, December 29, 2021 (PPI-OT): KSE-100; Consolidation to continue
The KSE-100 index showed positive movement to close at 44,044 level, a gain of 130 points DoD. Volumes stood at 143mn shares versus 115mn shares traded previously. The index is expected to test resistance at the 30-DMA that is currently at 44,306 where a break above this level will target the 50-DMA at 45,097 level. Meanwhile, any downside will find support in the range of 43,900-44,025 and a fall below the said range will target the key support level of 42,700. The RSI and the MACD have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 43,928 and 44,138, respectively.
HCAR: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs251.00; stoploss at Rs230.07.
SNGP: Recovery to continue
Strategy: ‘Buy on dips’ – targeting Rs37.52 and Rs39.05; stoploss at Rs33.01.