Karachi, February 11, 2022 (PPI-OT): KSE-100 violated the 200-DMA support; stay cautious

The KSE-100 index posted a loss of 400 points to close at the 45,940 level. Volumes stood at 286mn shares versus 243mn shares traded previously. The index has failed to confirm its previous breakout of 200-DMA. A fall below yesterday’s low will target its recent low of 45,728 which may extend to 45,455 level. However, any upside will continue to face resistance at the 200-DMA which is currently at 46,077. The momentum indicators have taken a downturn, warranting a cautious stance. JS Securities Limited suggest investors to adopt a cautious approach at current levels. The support and resistance are at 45,763 and 46,291, respectively.

ISL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs74.38 and Rs81.60; stoploss at Rs69.50.

PSO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs204.43; stoploss at Rs196.25.