Karachi, June 06, 2022 (PPI-OT): KSE-100 setting a recent low; stay cautious

Bears continued to dominate the session as KSE-100 lost 923 points to close at 41,315 level. Volumes stood at 225mn shares versus 157mn shares traded previously. The index is likely to re-test support at Friday’s low of 41,145 where a fall below that will target 40,603. However, any upside will face resistance in the range of 41,590-42,035. The RSI and the MACD are heading down, supporting a bearish view. JS Securities Limited recommends investors to view any upside as an opportunity to ‘Sell’, with risk defined above 42,035. The support and resistance are at 40,870 and 42,035, respectively.

ATRL: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs144.65 and Rs131.76; stoploss at Rs160.16.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs51.30 and Rs49.25; stoploss at Rs58.50.