Karachi, January 15, 2021 (PPI-OT): KSE-100; Possible start of correction – stay cautious
The KSE-100 index posted a loss of 103 points to close at 45,989. Volumes stood at 621mn shares as compared to 845mn shares traded previously. The index is expected to face resistance in the range of 46,100-46,300 where a break above may push the index towards 47,036. However, a fall below 45,853 will initiate the corrective trend with 44,956 and 44,116 as the downside targets. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side. The support and resistance are at 45,804 and 46,224, respectively.
PSO: Corrective trend remains intact
Strategy: ‘Sell on Strength’ – targeting Rs231.44 and Rs217.94; stoploss at Rs240.00.
UBL: Correction to continue
Strategy: ‘Sell on Strength’ – targeting Rs136.69 and Rs130.31; stoploss at Rs140.30.