Karachi, January 22, 2021 (PPI-OT): KSE-100; Again in the resistance zone
The KSE-100 index posted a gain of 308 points to close at 45,984. Volumes stood at 606mn shares versus 477mn shares traded previously. The index is expected to re-test resistance in the range of 46,100 – 46,300 where a break above is needed to refresh upward momentum. However, any downside will find support at 45,677 where a fall below will continue the corrective trend with 44,956 and 44,116 in sight. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay sellers on the higher side, with risk defined above 46,314. The support and resistance are at 45,726 and 46,193, respectively.
HCAR: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs287.88; stoploss at Rs311.40.
UBL: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs132.15; stoploss at Rs140.00.