Karachi, March 09, 2022 (PPI-OT): KSE-100 near its key support level – stay cautious

Bears continued to dominate the session as KSE-100 index extended the decline to close at 42,878, down 389 points. Volumes stood at 226mn shares versus 236mn shares traded previously. The index is likely to test support between the 42,685-42,715 range and a drop below these levels will target 42,086. However, any upside will face resistance in the range of 43,030-43,275. The RSI and the MACD are heading down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stop-loss above 43,427. The support and resistance are at 42,635 and 43,274, respectively.

ISL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs54.14 and Rs51.74; stoploss at Rs57.00.

PSO: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs150.92; stoploss at Rs165.65.