Karachi, May 09, 2022 (PPI-OT): KSE-100 expected to test support at the 50-DMA

KSE-100 index extended the decline to close at 44,841, down 409 points compared to the previous trading session. Volumes stood at 189mn shares versus 325mn shares traded previously. The index is expected to test support at the 50-DMA that is currently at 44,645 where a fall below that will target 44,386. However, any upside will face resistance in the range of 44,950-45,135. The RSI and the MACD are moving down, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above the 200-DMA. The support and resistance are at 44,667 and 45,132, respectively.

HBL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs105.04 and Rs102.66; stoploss at Rs109.97.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs139.38 and Rs135.70; stoploss at Rs155.88.