Karachi, June 01, 2023 (PPI-OT): KSE-100; Dropped below its 30-DMA - stay cautious

KSE-100 index failed to sustain its intraday high of 41,852 and slid to close at 41,331, down 341 points DoD. Volumes stood low at 158mn shares versus 198mn shares traded previously. The index has closed below its 30-DMA, though is still above its 200-DMA. We believe, any violation below the 200-DMA will be limited to the 50-DMA that is currently at 40,933. Meanwhile, any upside will face resistance in the range of 41,480-41,700 levels. The indicators are mixed, signalling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,113 and 41,700 levels, respectively.

ATRL: Upside target remains intact

Strategy: 'Buy on dips' - targeting Rs169.58 and Rs172.20; stoploss at Rs162.05.

OGDC: A reversal formation

Strategy: 'Buy on dips' - targeting Rs77.67 and Rs80.25; stoploss at Rs73.50.