Karachi, March 02, 2022 (PPI-OT): KSE-100; Moving averages to restrict upside

KSE-100 index extended the gain to close at 44,804, up 343 points. Volumes stood at 309mn shares versus 208mn shares traded previously. The index is expected to face resistance in the range of 45,000-45,200, followed by the 30-DMA at 45,315 where a break above that will neutralize our bearish view and the index may target the 200-DMA at 46,088. However, any downside will find support in the range of 44,500-44,700 where a drop below these levels will take us to revisit the recent low of 43,646. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above the 30-DMA. The support and resistance are at 44,504 and 45,060, respectively.

ATRL: Recovery trend intact

Strategy: ‘Buy on dips’ – targeting Rs147.29; stoploss at Rs132.25.

ISL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs65.18 and Rs68.70; stoploss at Rs61.50.