Karachi, February 03, 2023 (PPI-OT): KSE-100 closed above the 50-DMA; ‘Positive’

KSE-100 index closed the session at 40,734, gaining 114 points DoD. However, volumes stood low at 124mn shares as compared to 131mn shares traded previously. The index closed above the 50-DMA that will now restrict downside at 40,612 where a fall below that will target 40,018 (30-DMA). Meanwhile, a break above yesterday’s high of 40,827 will drive the index towards the 41,095, followed by the 200-DMA at 41,867. The RSI and the MACD have moved up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below the 50-DMA. The support and resistance are at 40,510 and 40,892 points, respectively.

ISL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs41.63 and Rs43.27; stoploss at Rs39.00.

DGKC: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs45.56 and Rs47.23; stoploss at Rs40.25.