Karachi, June 29, 2022 (PPI-OT): KSE-100; Consolidation expected below the 30-DMA

KSE-100 index after, after making a high of 42,149, slid to close at 41,766, losing 113 points DoD. Volumes stood at 257mn shares versus 248mn shares traded previously. The index is expected to re-test resistance at the 30-DMA that currently stands at 42,107 where a break above that will target the 42,780 to 42,980 levels which could later extend to the 50-DMA level at 43,231. However, any downside will find support in the range of 41,540-41,350 where a fall below these levels will target the key support at 40,600. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,537 and 42,072, respectively.

HCAR: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs204.95 and Rs211.91; stoploss at Rs181.74.

UBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs118.34 and Rs122.89; stoploss at Rs110.98.