Karachi, May 12, 2023 (PPI-OT): KSE-100; Likely to resume uptrend

KSE-100 index showed positive movement to close at the 41,326 level with a gain of 251 points. Volumes stood at 97mn shares versus 99mn shares traded previously. The index has closed above the 200-DMA which indicates further upside with 41,556 and 41,874 as the next targets. However, any downside will find support at its recent low of 41,041 where a fall below that will continue the downtrend with 40,593 in sight. The indicators are mixed, signalling no clear trading view. We recommend investors to 'Buy on dips', with risk defined below 41,041. The support and resistance are at 41,100 and 41,525 points, respectively.

ENGRO: Closed above 200-DMA

Strategy: 'Buy on dips' - targeting Rs267.11 and Rs270.89; stoploss at Rs261.54.

UBL: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs122.49 and Rs126.51; stoploss at Rs118.02.