Karachi, February 22, 2022 (PPI-OT): KSE-100; Expected target at the 50-DMA

The KSE-100 index posted a loss of 313 points to close at 45,363 level. Volumes stood low at 138mn shares versus 194mn shares traded previously. The index has currently dropped below the 30-DMA that will now restrict upside at 45,555 level where a break above that will target the 200-DMA at 46,095 level. Meanwhile, a fall below yesterday’s low of 45,342 will target the 50-DMA at 45,125 level. An Engulfing Bear has occurred which indicates a negative trend ahead, however, a confirmation is required. A cautious stance is required at the current stage. The support and resistance are at 45,222 and 45,623, respectively.

OGDC: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs93.25 and Rs96.49; stoploss at Rs89.15.

ATRL: Limited upside

Strategy: ‘Sell on Strength’ – targeting Rs137.15 and Rs127.77; stoploss at Rs147.52.