Karachi, June 27, 2022 (PPI-OT): KSE-100 still maintaining the critical support level

Bloodbath witnessed at the PSX as KSE-100 index posted a loss of 1,665 points to close at 41,052. Volumes stood high at 424mn shares versus 349mn shares traded previously. The index violated its multiple support levels but still managed to close above the critical support of 200-DMA on weekly chart at 40,600 level. We believe, any breach below the said level will trigger aggressive selling towards 39,769, followed by 39,220. However, any upside will face resistance in the range of 41,340-41,465. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 40,600 level. The support and resistance are at 40,144 and 42,370, respectively.

ISL: Dropped below 30-DMA and 50-DMA

Strategy: ‘Sell on Strength’ – targeting Rs53.10; stoploss at Rs58.47.

SNGP: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs30.35; stoploss at Rs35.48.