Karachi, March 24, 2022 (PPI-OT): KSE-100 expected to trade range bound; stay cautious

KSE-100 index witnessed a range bound activity to close at 43,204 level, down 26 points compared to the previous session. Volumes stood dull at 138mn shares versus 125mn shares traded previously. The index is expected to re-test support at 43,164 where a fall below this will target the range of 42,710-42,790. However, any upside will face resistance in the range of 43,250-43,400 levels. The indicators are mixed, signalling no clear trading view. JS Securities Limited therefore suggest investors to stay cautious at current levels. The support and resistance are at 43,113 and 43,347, respectively.

MLCF: Trading above moving averages – limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs35.90 and Rs37.90; stoploss at Rs33.10.

ISL: A short term recovery likely

Strategy: ‘Buy on dips’ – targeting Rs61.74 and Rs64.89; stoploss at Rs57.88.