Karachi, September 20, 2022 (PPI-OT): KSE-100 likely to test its key support level; cautious

A steady downtrend continued for the KSE-100 index as it lost 159 points to close at the 41,521 level. Volumes stood at 148mn shares versus 219mn shares traded previously. The index has formed a lower high and lower low that indicates potential further downside risk. The index is expected to test its key support at 41,418 where a fall below that will target 40,670. However, any upside will face resistance at the 50-DMA that is at 41,784 level. A cautious stance is required at current levels. The support and resistance are at 41,385 and 41,777 levels, respectively.

OGDC: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs81.55 and Rs83.65; stoploss at Rs76.75.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs240.51 and Rs242.09; stoploss at Rs229.49.