Karachi, March 04, 2022 (PPI-OT): KSE-100; Consolidation expected

KSE-100 index witnessed a volatile session to close at 44,526, up 12 points. Volumes stood at 189mn shares versus 235mn shares traded previously. The index is expected to consolidate at current levels where we believe that it will trade in the 44,100 – 44,800 range and a break on either will set market’s direction. The downside break will test its recent lowest level of 43,646, while any upside will face resistance in the range of 45,000 to 45,200. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above the 50-DMA. The support and resistance are at 44,323 and 44,717, respectively.

ENGRO: A short term recovery expected

Strategy: ‘Buy on dips’ – targeting Rs274.04 and Rs275.41; stoploss at Rs266.50.

UBL: Corrective trend remains intact

Strategy: ‘Sell on Strength’ – targeting Rs143.18 and Rs141.43; stoploss at Rs149.05.