Karachi, June 30, 2022 (PPI-OT): KSE-100 moving towards key support; stay cautious

Bears control the session as KSE-100 index declined by 468 points to close at the 41,298 level. Volumes stood at 142mn shares versus 257mn shares traded previously. The index is likely to re-test support at yesterday’s low of 41,119 where a fall below that will target the critical support range of 40,550 to 40,650 levels. However, any further weakness will expose KSE-100 towards 39,769 and 39,220 levels. Meanwhile, resistance lies within 41,400-41,700 range, followed by the 30-DMA at 42,049. A cautious stance is required at current levels. The support and resistance are at 41,007 and 41,701, respectively.

HCAR: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs204.95 and Rs211.39; stoploss at Rs181.52.

MLCF: Trading above 30-DMA

Strategy: ‘Buy on dips’ – targeting Rs28.50 and Rs29.21; stoploss at Rs26.25.