Karachi, October 05, 2022 (PPI-OT): KSE-100; A steady uptrend to continue

Bulls continued to dominate the session as KSE-100 index gained 139 points to close at 41,350. Volumes improved to 593mn shares from 185mn shares traded previously. The index is expected to revisit yesterday’s high of 41,588 where a break above that will target the range of 41,780 to 41,800. However, any downside will find support in the range of 41,005-41,210 where a fall below will cause a downtrend to resume. The RSI and the MACD are moving up, supporting a positive view. Investors are recommended to ‘Buy on dips’, keeping stop-loss below 41,212. The support and resistance are at 41,179 and 41,555 levels, respectively.

SNGP: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs36.20 and Rs40.90; stoploss at Rs32.82.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs234.70 and Rs238.11; stoploss at Rs231.00.