Karachi, January 20, 2022 (PPI-OT): KSE-100 expected to test key support range

Bears continued to dominate the session as the KSE-100 index lost 674 points to close at 44,833 level. Volumes stood at 237mn shares versus 165mn shares traded previously. The index is expected to test support in the range of 44,620-44,765 where a fall below this range will target 44,054 level, followed by 42,715. However, the initial resistance lies in the range of 45,045-45,360 where a break above these levels will target the 200-DMA at 46,017. 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 44,520 and 45,361, respectively.

DGKC: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs71.9; stoploss at Rs78.3.

ENGRO: Trading in a range

Strategy: ‘Buy on dips’ – targeting Rs289.0; stoploss at Rs271.1.