Karachi, March 07, 2022 (PPI-OT): KSE-100; Spinning Top suggests consolidation

KSE-100 index consolidated for another session to close at 44,551, up 26 points DoD. Volumes stood at 135mn shares versus 189mn shares traded previously. The index is expected to revisit 44,723 (Friday’s high) where a break above that will target the 50-DMA at 45,215 level. However, any downside will find support at 44,461 and a fall below this level will target 44,134 which may extend to 43,646. RSI has improved, while the MACD is heading down, 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 44,434 and 44,696, respectively.

ISL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs66.29 and Rs67.74; stoploss at Rs60.20.

HBL: RSI generated a Buy signal

Strategy: ‘Buy on dips’ – targeting Rs120.18 and Rs123.24; stoploss at Rs115.00.