Karachi, November 04, 2022 (PPI-OT): KSE-100; Moving averages to restrict downside

KSE-100 index witnessed another positive session to close at 42,091, up 146 points DoD. Volumes improved to 326mn shares from 231mn shares traded previously. The index is likely to revisit yesterday’s high of 42,173 where a break above that will target 42,672, followed by the 200-DMA at 43,054. However, any downside will find support at 41,789 (50-DMA), followed by the 30-DMA at 41,727. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below the 50-DMA. The support and resistance are at 41,928 and 42,214 levels, respectively.

OGDC: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs73.84 and Rs76.00; stoploss at Rs71.47.

DGKC: Engulfing Bull

Strategy: ‘Buy on dips’ – targeting Rs58.55 and Rs63.96; stoploss at Rs53.91.