Karachi, February 16, 2022 (PPI-OT): KSE-100; Support at the 30-DMA

The KSE-100 index, after testing support at the 30-DMA, bounced back to close at 45,732, gaining 88 points DoD. Volumes stood high at 275mn shares versus 188mn shares traded previously. The index is expected to consolidate between the 30-DMA and the 200-DMA which currently stand at 45,541 and 46,089 levels, respectively. A break above or below is needed for a directional move. The indicators are mixed, supporting a neutral view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’ with risk defined below the 30-DMA. The support and resistance are at 45,555 and 45,856, respectively.

SNGP: Trading above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs36.34 and Rs38.92; stoploss at Rs34.10.

UBL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs146.90 and Rs152.40; stoploss at Rs140.96.