Karachi, February 24, 2022 (PPI-OT): KSE-100; Consolidation expected below the 50-DMA
The KSE-100 index consolidated its previous losses to close at the 45,133 level, gaining 121 points DoD. Volumes stood at 186mn shares versus 227mn shares traded previously. The index is expected to consolidate below the 50-DMA that is currently at 45,175 where a break above that level will target the 30-DMA at 45,500. However, any downside will find support in the range of 44,695-44,760 where a drop below the said range will initiate the bearish trend with 44,275 and 43,439 as the downside targets. JS Securities Limited recommends investors to stay cautious at current levels. The support and resistance are at 44,848 and 45,327, respectively.
ISL: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs60.99; stoploss at Rs66.00.
UBL: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs152.40 and Rs155.80; stoploss at Rs143.49.