Karachi, March 25, 2022 (PPI-OT): KSE-100; Short term trading opportunity exist

KSE-100 index after making a low of 42,936 recovered to close at the 43,523 level, up 319 points compared to the previous trading session. Volumes stood dull at 150mn shares versus 138mn shares traded previously. The index is expected to revisit yesterday’s high of 43,570 where a break above that will initially target 43,788 which may further extend to 44,364 (30-DMA). However, any downside will find support in the range of 43,115-43,350 and a fall below these levels will target 42,710-42,790. A short-term trading opportunity exists with key risk defined below 42,715 level. The support and resistance are at 43,115 and 43,749, respectively.

MLCF: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs35.90 and Rs37.87; stoploss at Rs33.11.

ISL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs61.39 and Rs64.62; stoploss at Rs55.61.