Karachi, May 11, 2023 (PPI-OT): KSE-100 dropped below the 200-DMA; cautious
Bears continued to dominate the session as KSE-100 index lost 299 points to close at 41,075. Volumes stood low at 99mn shares versus 203mn shares traded previously. The index has dropped below the 200-DMA that indicators potential further downside risk. The next target is established at 40,593 level. However, any upside will face resistance at the 200-DMA that is currently at 41,304 level where a break above that will resume the uptrend. Meanwhile, the RSI and the MACD are heading down, supporting a bearish view. Investors are recommended to 'Sell on Strength', with risk defined above the 200-DMA. The support and resistance are at 40,942 and 41,308 points, respectively.
OGDC: 200-DMA to restrict upside
Strategy: 'Sell on Strength' - targeting Rs76.43 and Rs73.66; stoploss at Rs80.83.
ATRL: Moving averages are looming ahead
Strategy: 'Sell on Strength' - targeting Rs165.45 and Rs159.41; stoploss at Rs170.68.