Karachi, May 10, 2022 (PPI-OT): KSE-100; Pullback inside the band is likely

Bears continued to dominate the session as KSE-100 lost 1,448 points to close at 43,393. Volumes stood at 305mn shares versus 189mn shares traded previously. The index is expected to test the key support range of 42,780 to 42,940 where a fall below that will expose further weakness towards 41,760-41,805 range extendable to the 41,191 level. However, any upside will face resistance in the range of 43,820-44,415. The indicators are supporting a bearish view, however, a short-term pullback inside the band cannot be ruled out. Investors are recommended to ‘Sell on Strength’, with risk defined above the 50-DMA. The support and resistance are at 42,804 and 43,823, respectively.

ENGRO: Dropped below the 50-DMA – ‘Negative’

Strategy: ‘Sell on Strength’ – targeting Rs261.00; stoploss at Rs273.37.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs135.52 and Rs131.80; stoploss at Rs141.53.