Karachi, February 21, 2022 (PPI-OT): KSE-100 expected to consolidate above 30-DMA

KSE-100 index showed positive movement to close at 45,676 level, up 235 points. Volumes stood at 194mn shares versus 153mn shares traded previously. The index has closed above the 30-DMA which will now attempt to restrict downside at 45,573 where a fall below that level will target the 50-DMA currently at 45,075. Meanwhile, a break above Friday’s high of 45,705 will target the 200-DMA at 46,093 which may rise to 46,464 level. 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 45,509 and 45,774, respectively.

SNGP: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs38.92 and Rs42.29; stoploss at Rs34.61.

UBL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs146.90 and Rs152.40; stoploss at Rs143.00.