Karachi, October 31, 2022 (PPI-OT): KSE-100; Slide to continue

KSE-100 index showed negative movement to close at the 41,140 level, down 463 points. Volumes stood low at 178mn shares versus 204mn shares traded previously. The index is likely to revisit Friday’s low of 41,115 where a fall below that will target 40,725 which could later extend to 40,418 level. However, any upside will face resistance in the range of 41,480-41,650 where a break above that will target 41,898 (50-DMA). The RSI and the MACD have shown weakness, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above the 30-DMA. The support and resistance are at 40,957 and 41,483 levels, respectively.

ATRL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs155.65 and Rs150.16; stoploss at Rs165.70.

MLCF: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs25.42 and Rs22.71; stoploss at Rs28.09.