Karachi, January 07, 2022 (PPI-OT): KSE-100; Support at the 50-DMA

The KSE-100 index closed the session at 45,082, showing a decline of 326 points DoD. Volumes stood at 345mn shares versus 432mn shares traded previously. The index is expected to test support at the 50-DMA which is currently at 44,991 where a fall below this level will target the 30-DMA at 44,182. However, any upside will face resistance in the range of 45,170-45,410 and any upside breakout will target the 200-DMA level at 45,997. The indicators are mixed, signalling no clear trading view. Investors are recommended to wait for dips. The support and resistance are at 44,933 and 45,320, respectively.

PSO: Holding the 50-DMA support

Strategy: ‘Buy on dips’ – targeting Rs198.9; stoploss at Rs181.3.

ISL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs76.5 and Rs83.8; stoploss at Rs70.1.