Karachi, November 29, 2022 (PPI-OT): KSE-100 falls below 200-DMA and 30-DMA; stay cautious

KSE-100 index witnessed a sharp decline to closing in at 42,071 level, down 865 points. Volumes stood at 244mn shares versus 177mn shares traded previously. The index is expected to re-test support in the range of 41,880 to 41,990 points where a fall below that will target the 41,475 level, followed by the 41,115 level. However, any upside will face resistance at the 30-DMA that currently stands at 42,298 points where a break above that will target the 200-DMA at 42,842 points. The RSI and the MACD have shown weakness, suggesting a negative trend ahead. Investors are recommended to stay cautious at current levels. The support and resistance are at 41,711 and 42,684 levels, respectively.

SNGP: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs36.85 and Rs35.09; stoploss at Rs39.10.

ATRL: Dropped below the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs161.49 and Rs152.12; stoploss at Rs169.50.