Karachi, March 10, 2022 (PPI-OT): KSE-100 still maintaining the key support level

KSE-100 index showed positive movement to close at 43,043 level, up 165 points DoD. Volumes stood at 184mn shares versus 226mn shares traded previously. The index has sustained its key support of 42,700 and we may expect a short-term pullback towards 43,315, followed by 43,640. Meanwhile, any downside will find support between 42,715 to 42,870 and only a fall below these levels will resume the downtrend with 42,086 in sight. The RSI has generated a Buy signal, whereas the Stochastic Oscillator is oversold, supporting a recovery view. A short-term trading opportunity exists with a strict stop-loss defined below 42,715. The support and resistance are at 42,867 and 43,218, respectively.

UBL: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs150.90; stoploss at Rs142.33.

MLCF: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs33.31 and Rs33.86; stoploss at Rs30.20.