Karachi, March 29, 2023 (PPI-OT): KSE-100; Recovery likely
KSE-100 index extended the gain to close at the 40,082 level, up 82 points DoD. Volumes stood at 87mn shares versus 65mn shares traded previously. The index is likely to revisit yesterday’s high of 40,204 where a break above that will initiate the upward correction with 40,422 and 40,780 as the recovery targets. However, any downside will find support in the range of 39,840-40,000 and a fall below that will continue the downtrend with 39,496 and 39,166 in sight. The RSI and the Stochastic Oscillator are suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ for trading gains, with risk defined below 39,845. The support and resistance are at 39,987 and 40,191 points, respectively.
UBL: Trading above the 50-DMA
Strategy: ‘Buy on dips’ – targeting Rs108.49 and Rs110.27; stoploss at Rs106.05.
DGKC: Closed above 30-DMA and 50-DMA
Strategy: ‘Buy on dips’ – targeting Rs44.11 and Rs45.94; stoploss at Rs41.77.