Karachi, August 25, 2022 (PPI-OT): KSE-100; Consolidation expected below the 200-DMA
KSE-100 index failed to sustain its intraday high of 43,684 and slid to close at 43,338, down 29 points DoD. Volumes stood low at 256mn shares versus 324mn shares traded previously. The index is expected to consolidate in the range of 42,780-43,880 levels where a break on the either side will set a market direction. The RSI has moved down, while the MACD has improved, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 43,197 and 43,582, respectively.
ENGRO: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs267.95; stoploss at Rs254.75.
ATRL: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs170.00 and Rs183.55; stoploss at Rs161.75.