Karachi, September 15, 2022 (PPI-OT): KSE-100; Expected to trade range bound

KSE-100 index continued with its consolidation movement to close at 42,012, up 10 points DoD. Volumes improved slightly to stand at 157mn shares versus 119mn shares traded previously. We reiterate our consolidation view and expect the index to trade between the 50-DMA and the 30-DMA that currently stand at 41,775 and 42,399 levels, respectively. A break on either side will set the market direction. The downside break will find support at 41,400, while any upside above 42,399 will target 42,615. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 41,922 and 42,093 levels, respectively.

ENGRO: Bullish Divergence on RSI

Strategy: ‘Buy on dips’ – targeting Rs241.18 and Rs243.62; stoploss at Rs230.00.

PPL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs69.21 and Rs73.90; stoploss at Rs65.86.