Karachi, June 14, 2022 (PPI-OT): KSE-100 violated its recent low; stay cautious

Despite of a positive opening, KSE-100 index posted a decline of 1,135 points to close at 40,880. Volumes stood at 164mn shares versus 116mn shares traded previously. The index is moving towards its critical support level at 40,600 and a fall below that will push the index down to 39,994 which may extend to the 39,353 level. However, any upside will face resistance in the in the range of 41,260-41,340. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious at current levels. The support and resistance are at 40,453 and 41,688, respectively.

UBL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs113.05 and Rs109.03; stoploss at Rs124.50.

ENGRO: Bullish Divergence

Strategy: ‘Buy on dips’ – targeting Rs267.83 and Rs272.11; stoploss at Rs258.50.