Karachi, September 19, 2022 (PPI-OT): KSE-100; Upside restricted at the 50-DMA

Bears continued to dominate the session as KSE-100 index decline by 93 points DOD to close at 41,679. Volumes stood at 219mn shares versus 260mn shares traded previously. The index is trading below the 50-DMA that will restrict upside at 41,780 where a break above will target 42,472 (30-DMA). However, a fall below 41,603 (Friday’s low) will target 41,413. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,550 and 41,863 levels, respectively.

OGDC: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs81.55 and Rs83.67; stoploss at Rs76.75.

ENGRO: Likely to initiate a recovery trend

Strategy: ‘Buy on dips’ – targeting Rs240.63 and Rs242.50; stoploss at Rs225.30.