Karachi, July 26, 2022 (PPI-OT): KSE-100; A short term consolidation expected

KSE-100 index posted a loss of 233 points to close at 39,844. Volumes stood dull at 75mn shares versus 171mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a fall below 39,541 will continue the bearish trend with 38,611 as the next target. However, any upside will face resistance in the range of 40,040-40,080 levels where a break above will deliver limited gains towards 40,586. The indicators are mixed, signaling no clear trading view. Investors are recommended to view any upside as an opportunity to ‘Sell’, with risk defined above 40,586. The support and resistance are at 39,684 and 40,041, respectively.

UBL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs106.58 and Rs104.46; stoploss at Rs110.00.

ATRL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs151.53 and Rs155.61; stoploss at Rs137.01.