Karachi, January 02, 2023 (PPI-OT): KSE-100; Indicators are heading up – ‘Positive’

Bulls dominated the session as KSE-100 index closed up by 673 points at 40,420 level. Volumes improved to 285mn shares from 228mn shares traded previously. If the gain continues, the likely target will be in the range of 40,820 to 40,870 levels which can be extended to the 30-DMA at 41,353. However, any downside will find support between 39,930 and 40,180 levels. The RSI has improved and the MACD has taken an up-turn, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 39,694. The support and resistance are at 39,936 and 40,663 points, respectively.

MLCF: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs23.94 and Rs25.38; stoploss at Rs21.82.

ATRL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs153.47 and Rs160.41; stoploss at Rs140.25.