Karachi, January 17, 2022 (PPI-OT): KSE-100; Consolidation expected below the 200-DMA

The KSE-100 index witnessed another range bound session to close flat at 45,763 level. Volumes stood at 240mn shares versus 328mn shares traded previously. The index is consolidating below the 200-DMA that is currently at 46,015 where a break above this level will cause the uptrend to resume with 47,608 as the next target. However, a drop below Friday’s low of 45,734 will target the 50-DMA at 44,846 level. The indicators are mixed, 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 45,669 and 45,923, respectively.

PSO: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs198.9; stoploss at Rs180.4.

ISL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs68.9 and Rs66.5; stoploss at Rs72.6.