Karachi, January 11, 2023 (PPI-OT): KSE-100 expected to re-test resistance at the 30-DMA

KSE-100 index posted a gain of 297 points to close at 40,802. Volumes improved to 214mn shares from 164mn shares traded previously. The index is expected to re-test resistance at the 30-DMA standing at 40,892 points where a break above that will target 41,556 (50-DMA). However, any downside will find support in the range of 40,540-40,760 levels.

The RSI and the MACD have moved up, suggesting a positive movement ahead. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below 40,505. The support and resistance are at 40,542 and 41,024 points, respectively.

SNGP: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs40.10 and Rs38.00; stoploss at Rs42.95.

MLCF: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs22.67 and Rs24.53; stoploss at Rs20.86.