Karachi, September 05, 2022 (PPI-OT): KSE-100; Consolidation to continue

KSE-100 index witnessed a range bound activity to close at 42,309, down 151 points DoD. Volumes stood at 160mn shares versus 248mn shares traded previously. The index is expected to re-test support at 42,238 (Friday’s low) where a fall below that will target the 50-DMA at 41,781. However, any upside will face resistance at 42,569 where a break above that will target 42,692. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 42,175 and 42,506, respectively.

DGKC: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs65.70; stoploss at Rs58.91.

BOP: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs5.61; stoploss at Rs6.03.