Karachi, September 06, 2022 (PPI-OT): KSE-100 expected to test support at the 50-DMA

Bears continued to dominate the session as KSE-100 index lost 450 points to close in at 41,859. Volumes during the day stood at 157mn shares versus 160mn shares traded in the previous session. The index has dropped below the 30-DMA and is expected to test support at 41,783 (50-DMA) where a fall below that level will drive KSE-100 towards a target of 41,400. However, any upside will face resistance in the range of 41,960-42,215. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. JS Securities Limited also highlight support and resistance are at 41,683 and 42,212, respectively.

PSO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs159.67 and Rs155.32; stoploss at Rs168.56.

BOP: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs5.57; stoploss at Rs5.91.