Karachi, September 29, 2022 (PPI-OT): KSE-100; Consolidation expected below 50-DMA

KSE-100 index failed to sustain its 50-DMA and slid to close at 41,435, down 83 points DoD. Volumes stood at 221mn shares versus 231mn shares traded previously. The index is likely to revisit yesterday’s low of 41,391 where a drop below this level will cause the downtrend to resume with 40,954 and 40,418 in sight. However, any upside will continue to face resistance at the 50-DMA that currently stands at 41,715, followed by the 30-DMA at 42,055. 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 41,277 and 41,707 levels, respectively.

PPL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs66.30 and Rs67.78; stoploss at Rs61.00.

PSO: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs171.47 and Rs174.40; stoploss at Rs163.49.