Karachi, March 08, 2022 (PPI-OT): KSE-100 moving towards its key support level

KSE-100 index witnessed a sharp decline on Monday to close at 43,267, down by 1,284 points. Volumes improved to 237mn shares from 135mn shares traded previously. The index is expected to target the 42,700-42,900 range and a drop below these levels will target 42,086. However, any upside will face resistance in the range of 43,600-44,200. The RSI and the MACD have moved down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 44,195. The support and resistance are at 42,695 and 44,195, respectively.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs54.14 and Rs51.74; stoploss at Rs60.00.

PSO: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs160.10 and Rs150.92; stoploss at Rs172.40.