Karachi, October 03, 2022 (PPI-OT): KSE-100; Consolidation likely

KSE-100 index witnessed a volatile session on Friday to close at 41,129, up 115 points. Volumes stood at 206mn shares versus 127mn shares traded previously. The index is expected to test resistance at 41,135 where a break above the will target 41,409 which may further rise to the 50-DMA level at 41,741. However, any downside will find support in the range of 40,870-41,010 where a fall below that will drive the index down to 40,418 and 39,541 levels, respectively. The indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 40,877 and 41,258 levels, respectively.

PPL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs65.61 and Rs67.53; stoploss at Rs59.90.

ENGRO: Long Lower Shadow – Positive

Strategy: ‘Buy on dips’ – targeting Rs236.08 and Rs238.57; stoploss at Rs229.00.