Karachi, February 23, 2022 (PPI-OT): KSE-100 index dropped below the 50-DMA; ‘Negative’

Following its previous bearish formation, the KSE-100 index extended the loss to close at 45,012 level, down 351 points DoD. Volumes stood at 227mn shares versus 138mn shares traded in the previous session. The index has fallen below the 50-DMA and is likely to re-test support at 44,698 (yesterday’s low) where a fall below that level will confirm the start of a bearish trend with 44,275 and 43,439 as the downside target. However, any upside will face resistance at 45,160 (50-DMA), followed by the 30-DMA at 45,527. The RSI and the MACD are moving down, suggesting a negative trend ahead. JS Securities Limited recommends investors to ‘Sell’ below the 44,698 level. The support and resistance are at 44,686 and 45,350, respectively.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs60.99; stoploss at Rs68.74.

ATRL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs127.77; stoploss at Rs143.00.