Karachi, June 24, 2022 (PPI-OT): KSE-100; Expected target at the 50-DMA

KSE-100 index posted a gain of 259 points DoD to close at the 42,717 level. Volumes stood at 349mn shares versus 266mn shares traded previously. If the gain continues, the likely target will be at 50-DMA that currently stands at 43,477, followed by the 90-DMA at 43,854. However, any downside will find support in the range of 42,460-42,400, followed by 42,247 (30-DMA). The RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below the 30-DMA. The support and resistance are at 42,456 and 42,980, respectively.

ISL: Trading above medium term moving averages

Strategy: ‘Buy on dips’ – targeting Rs63.25 and Rs67.13; stoploss at Rs58.55.

SNGP: 200-DMA is looming ahead

Strategy: ‘Sell on Strength’ – targeting Rs32.41 and Rs30.24; stoploss at Rs35.54.