Karachi, January 06, 2023 (PPI-OT): KSE-100 moving towards the 30-DMA

KSE-100 index posted a gain of 177 points to close at 40,717 points. Volumes stood low at 112mn shares versus 143mn shares traded previously. The index is expected to revisit yesterday’s high of 40,791 points where a break above that level will target the 30-DMA at 41,061, followed by the 50-DMA at 41,590 points. However, any downside will find support in the range of 40,570-40,690 points where a fall below that level will trigger the corrective trend with 40,264 and 40,028 as the next targets. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 40,539 points. The support and resistance are at 40,574 and 40,825 points, respectively.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs281.21 and Rs289.19; stoploss at Rs272.49.

BOP: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs4.93 and Rs5.08; stoploss at Rs4.65.