Karachi, May 08, 2023 (PPI-OT): KSE-100; Consolidation likely

KSE-100 index witnessed another positive session to close at 42,242, up 148 points DoD. Volumes stood at 178mn shares versus 255mn shares traded previously. The index is likely to face resistance within 42,320-42,390 range and only a break above the said levels will extend the gain towards 42,955. However, any downside will find support in the range of 42,020-42,180 levels where a fall below that will target 41,743 level, followed by 41,285 (200-DMA). Meanwhile, the RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 42,029 and 42,389 points, respectively.

SNGP: A bullish candle

Strategy: 'Buy on dips' - targeting Rs45.01 and Rs45.81; stoploss at Rs42.68.

ENGRO: Upside likely

Strategy: 'Buy on dips' - targeting Rs277.03 and Rs284.44; stoploss at Rs265.06.