Karachi, December 31, 2021 (PPI-OT): KSE-100; Expected target at the 50-DMA

KSE-100 index extended the gain to close at 44,416 level, up 156 points DoD. Volumes stood at 243mn shares versus 271mn shares traded previously. The index is currently trading above the 30-DMA that will restrict downside at 44,185 level. Meanwhile, a break above 44,590 (yesterday’s high) will target the 50-DMA which is currently at 45,044 level. The RSI and the MACD are on a rising trend, supporting a positive view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 30-DMA. The support and resistance are at 44,254 and 44,584, respectively.

DGKC: Closed above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs86.5 and Rs98.4; stoploss at Rs81.6.

ISL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs70.8 and Rs76.5; stoploss at Rs65.6.