Karachi, November 03, 2022 (PPI-OT): KSE-100 closed above the 50-DMA; Positive

KSE-100 index continued with its upward momentum to close at 41,945, up 136 points DOD. Volumes stood at 231mn shares versus 192mn shares traded previously. The index has closed above the 50-DMA that will now restrict downside at 41,807 level, followed by the 30-DMA at 41,688 level.

However, a break above 42,005 (yesterday’s high) will target 42,672 which could later extend to the 200-DMA at 43,073. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to view any downside as an opportunity to ‘Buy’, keeping stoploss below the 30-DMA. The support and resistance are at 41,780 and 42,057 levels, respectively.

PSO: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs151.77 and Rs159.22; stoploss at Rs144.00.

HCAR: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs176.02 and Rs186.84; stoploss at Rs163.00.