Karachi, September 23, 2022 (PPI-OT): KSE-100; Recovery expected

KSE-100 index after making a low of 40,418 recovered to close at 40,928, down 38 points DoD. Volumes stood at 190mn shares versus 170mn shares traded previously. The index is expected to revisit yesterday’s high of 40,987 where a break above that will initiate the recovery trend with 41,774 (50-DMA) as the upside target. However, any downside will find support in the range of 40,560-40,780. The indicators are mixed, signaling no clear trading view. We recommend investors to ‘Buy’ above 40,987. The support and resistance are at 40,568 and 41,137 levels, respectively.

OGDC: Recovery likely

Strategy: ‘Buy on dips’ – targeting Rs76.58 and Rs80.00; stoploss at Rs71.05.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs239.80 and Rs240.94; stoploss at Rs229.10.