Karachi, September 18, 2023 (PPI-OT): KSE-100; Range bound activity to continue
Range-bound activity continued as the KSE-100 index closed at 45,754, gaining 103 points DoD. Volumes stood at 223mn shares versus 138mn shares traded in the previous session. The index is likely to revisit Friday's high of 46,093 where a break above that will target the 50-DMA at 46,562 level. However, any downside will find support in the range of 45,450-45,605 levels. The RSI and the MACD have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to 'Buy' above 46,093. The support and resistance levels are at 45,605 and 45,997, respectively.
DGKC: Rising window suggests further upside
Strategy: 'Buy on dips' - targeting Rs47.53 and Rs48.08; stoploss at Rs43.49.
ENGRO: Recovery likely
Strategy: 'Buy on dips' - targeting Rs250.73 and Rs254.27; stoploss at Rs245.00.