Karachi, June 02, 2022 (PPI-OT): KSE-100 still above the short-term support

KSE-100 index witnessed a negative session to close at 42,756, down 322 points DoD. Volumes stood at 194mn shares versus 285mn shares traded previously. The index is likely to test support at 42,542 and a drop below that will cause the downtrend to resume with 42,196 and 41,356 as the downside targets. However, any upside will face resistance in the range of 42,875-43,150 where a break above that will target 43,650. The indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 42,603 and 43,029, respectively.

HCAR: Limited upside

Strategy: ‘Sell on Strength’ – targeting Rs166.00; stoploss at Rs184.77.

ISL: Dropped below the 50-DMA

Strategy: ‘Sell on Strength’ – targeting Rs54.60; stoploss at Rs61.19.