Karachi, June 15, 2023 (PPI-OT): KSE-100 expected to consolidate below the 30-DMA
KSE-100 index witnessed a range bound activity to close at 41,514, down 24 points DoD. Volumes stood at 180mn shares versus 144mn shares traded previously. The index is currently trading below the 30-DMA that will restrict upside at 41,552, followed by 41,744. However, a fall below 41,449 (yesterday's low) will target the 200-DMA that is currently at 41,255 level. The RSI and the MACD have continued to decline, warranting a cautious stance. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,394 and 41,690 points, respectively.
ENGRO: Recovery expected
Strategy: 'Buy on dips' - targeting Rs272.28 and Rs276.21; stoploss at Rs267.39.
DGKC: Slide to continue
Strategy: 'Sell on Strength' - targeting Rs49.66 and Rs47.35; stoploss at Rs51.89.