Karachi, March 03, 2022 (PPI-OT): KSE-100 resumes the downtrend; ‘Sell on Strength’

KSE-100 index resumes the downtrend to close at 44,514, down 289 points. Volumes stood at 235mn shares versus 309mn shares traded previously. The index is expected to revisit yesterday’s low of 44,134 where a fall below that will target its recent low of 43,646. However, any upside will face resistance in the range of 44,800 to 45,200. The RSI and the MACD have moved down, supporting a bearish view. Investors are recommended to ‘Sell on Strength’, with risk defined above the 50-DMA. The support and resistance are at 44,164 and 44,834, respectively.

ATRL: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs147.29; stoploss at Rs135.00.

UBL: Corrective trend ahead

Strategy: ‘Sell on Strength’ – targeting Rs142.92 and Rs141.16; stoploss at Rs149.00.