Karachi, March 09, 2023 (PPI-OT): KSE-100; Consolidation expected below the 200-DMA

Once again, KSE-100 index failed to sustain above the 200-DMA and closed at 41,359, up 24 points DoD. Volumes stood almost flat at 163mn shares as compared to the previous session. The index is expected to test support at 41,335 where a fall below that will target the 30-DMA at 41,029, followed by the 50-DMA at 40,587 level. However, any upside will continue to face resistance at the 200-DMA currently at 41,479. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,256 and 41,540 points, respectively.

DGKC: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs43.14 and Rs45.89; stoploss at Rs41.21.

ISL: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs44.77 and Rs46.78; stoploss at Rs41.65.