Karachi, March 14, 2022 (PPI-OT): KSE-100 expected to trade range bound

KSE-100 index witnessed a volatile session to close at 43,653, down 200 points compared the previous session. Volumes stood low at 149mn shares versus 272mn shares traded previously. The index is expected to revisit Friday’s low of 43,596 where a fall below that will cause the downtrend to resume and we may expect the index to test its key support at 42,700 level. A drop below this will target 42,100, followed by 41,250 level. However, any upside will face resistance in the range of 43,730-43,970. Meanwhile, the indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious at current levels. The support and resistance are at 43,511 and 43,881, respectively.

HBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs119.93 and Rs122.87; stoploss at Rs113.07.

MLCF: Trading above the 50-DMA – limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs36.20 and Rs38.37; stoploss at Rs33.29.