Karachi, May 20, 2022 (PPI-OT): KSE-100 expected to trade range bound; wait for dips
KSE-100 index witnessed another range bound session to close at 42,983 level, down 43 points DoD. Volumes stood at 187mn shares versus 279mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a break above yesterday’s high of 43,256 will target 43,500 to 43,650 range, which may rise to 44,067. However, any downside will find support between 42,740 to 42,865 levels. The indicators are mixed, signalling no clear trading view. Investors are suggested to stay cautious on the higher side and wait for dips. The support and resistance are at 42,863 and 43,180, respectively.
HCAR: A steady uptrend to continue
Strategy: ‘Buy on dips’ – targeting Rs190.52 and Rs193.34; stoploss at Rs170.80.
MLCF: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs33.51; stoploss at Rs27.15.