Karachi, May 31, 2022 (PPI-OT): KSE-100; Expected to trade range bound

KSE-100 extended the gain to close at 43,040, up 179 points DoD. Volumes stood at 187mn shares versus 528mn shares traded previously. The index is expected to revisit yesterday’s high of 43,258 where a break above that will target the 43,500-43,650 range which may rise to the 50-DMA level at 44,184. However, any downside will find support in the range of 42,650-42,850 where a fall below that will find support at 41,904. The RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below 41,904. The support and resistance are at 42,848 and 43,245, respectively.

MLCF: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs28.95 and Rs30.87; stoploss at Rs27.40.

UBL: MACD generated a Buy signal

Strategy: ‘Buy on dips’ – targeting Rs135.39 and Rs137.22; stoploss at Rs129.05.