Karachi, January 19, 2022 (PPI-OT): KSE-100; Corrective trend remains intact
KSE-100 index failed to sustain its intraday high of 45,758 and slid to close at 45,507, down 105 points. Volumes stood at 165mn shares as compared to 173mn shares traded previously. The index is expected to revisit 45,469 (yesterday’s low) where a fall below the said level will continue the corrective trend with 45,034 as the downside target. However, any upside will face resistance in the range of 45,570-45,690 where a break above these levels will face resistance at 46,015 (200-DMA). The RSI and the Stochastic Oscillator are moving downward, supporting a corrective view. JS Securities Limited recommends investors to wait for dips. The support and resistance are at 45,399 and 45,687, respectively.
PSO: Upside target remains intact
Strategy: ‘Buy on dips’ – targeting Rs198.9; stoploss at Rs181.8.
ENGRO: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs289.0; stoploss at Rs271.1.