Karachi, January 10, 2023 (PPI-OT): KSE-100 may undergo a corrective trend; cautious

KSE-100 index witnessed a loss of 503 points DoD to close at 40,505 points. Volumes stood at 164mn shares versus 182mn shares traded previously. The index is expected to revisit yesterday’s low of 40,437 points where a fall below that level will initiate a corrective trend with 40,307 and 39,819 as the next targets. However, any upside will face resistance at the 30-DMA that is currently at 40,945 points where a break above that will invalidate the corrective view. The indicators are mixed signalling no clear trading view. Investors are recommended to stay cautious at these levels. The support and resistance are at 40,269 and 40,907 points, respectively.

ATRL: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs172.00 and Rs178.99; stoploss at Rs160.10.

MLCF: Bullish Divergence on RSI

Strategy: ‘Buy on dips’ – targeting Rs22.80 and Rs24.63; stoploss at Rs20.68.