Karachi, October 13, 2022 (PPI-OT): KSE-100; Dropped below the 50-DMA – stay cautious

Bears dominated the session as KSE-100 index lost 148 points to close at 42,007 level. Volumes stood at 239mn shares versus 305mn shares traded previously. The index has fallen below its 50-DMA indicating potential downside risk. The next target is established at the 30-DMA that stands at the 41,655 level. However, any upside will face resistance in the range of 42,030 to 42,200 levels where a break above that will target 42,562. The RSI and the Stochastic Oscillator have shown weakness, supporting a corrective view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,907 and 42,151 levels, respectively.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs170.00 and Rs182.61; stoploss at Rs161.16.

PPL: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs62.69 and Rs66.07; stoploss at Rs58.05.