Karachi, June 21, 2022 (PPI-OT): KSE-100; Resistance continued at the 30-DMA

KSE-100 index failed to clear the 30-DMA resistance and slid to close at 41,777, down 364 points DoD. Volumes stood at 162mn shares versus 283mn shares traded previously. The index is expected to test support at 41,740 (yesterday’s low), followed by 41,323 where a drop below that will cause the downtrend to resume. However, any upside will continue to face resistance at the 30-DMA that is currently at 42,299 and only a break above that will target the 50-DMA at 43,559. The indicators are mixed, signalling 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 41,559 and 42,176, respectively.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs174.74 and Rs183.80; stoploss at Rs162.52.

UBL: Indicators are heading up

Strategy: ‘Buy on dips’ – targeting Rs127.08 and Rs132.14; stoploss at Rs118.30.