Karachi, January 21, 2022 (PPI-OT): KSE-100 index sustained the key support level

The KSE-100 index after making a low of 44,275, recovered to close at the 44,826 level, down 7 points DoD. Volumes stood high at 254mn shares versus 237mn shares traded previously. The index is expected to consolidate above the 50-DMA that is currently at 44,732. Meanwhile, any upside move will target 45,018, which is expected to rise up to the 45,477 level. A long lower shadow has occurred which indicates a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 44,664 (30-DMA). The support and resistance are at 44,442 and 45,043, respectively.

SNGP: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs32.2 and Rs30.9; stoploss at Rs34.7.

ISL: Upside likely – limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs74.3; stoploss at Rs67.0.