Karachi, August 29, 2022 (PPI-OT): KSE-100; Slide to continue
Bears continued to dominate the session as KSE-100 declined by 441 points to close at 42,592. Volumes stood at 266mn shares versus 208mn shares traded previously. The downside target for the index remains intact at 42,227 which may extend to the 50-DMA at 41,690. However, any upside will face resistance in the range of 42,780-43,020. The RSI and the MACD are heading down, supporting a negative view. JS Securities Limited recommends investors to view any upside as an opportunity to ‘Sell’ with risk defined above 43,201. The support and resistance are at 42,359 and 43,013, respectively.
BOP: Downside likely
Strategy: ‘Sell on Strength’ – targeting Rs5.55; stoploss at Rs6.03.
DGKC: Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs58.60; stoploss at Rs63.39.