Karachi, March 06, 2023 (PPI-OT): KSE-100 moving towards the 200-DMA

Bulls continued to dominate the session as KSE-100 index gained 666 points DoD to close at 41,337. Volumes stood at 195mn shares versus 152mn shares traded previously. The index has closed above the 30-DMA that will now restrict downside at 40,801, followed by the 50-DMA at 40,489. However, a rise above 41,359 will target the 200-DMA at 41,495 which could later extend to 42,568. The RSI and the Stochastic Oscillator have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below the 30-DMA. The support and resistance are at 40,763 and 41,635 points, respectively.

PSO: Engulfing Bull

Strategy: ‘Buy on dips’ – targeting Rs121.64 and Rs129.46; stoploss at Rs116.36.

PPL: Closed above the 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs70.39 and Rs73.27; stoploss at Rs65.73.