Karachi, July 01, 2022 (PPI-OT): KSE-100; Consolidation to continue

KSE-100 index witnessed a volatile session to close at 41,541 level, up 243 points DoD. Volumes stood at 193mn shares versus 142mn shares traded previously. The index is expected to test resistance at yesterday’s high of 41,559 where a break above this level will target the 30-DMA at 42,001. However, any downside will find support at 41,220 where a fall below that will target the key support range of 40,550 to 40,650 levels. Meanwhile, the indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 41,220. The support and resistance are at 41,321 and 41,660, respectively.

UBL: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs116.45 and Rs117.97; stoploss at Rs111.00.

DGKC: Closed above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs67.84 and Rs70.25; stoploss at Rs61.01.