Karachi, April 20, 2023 (PPI-OT): KSE-100; Upside target remains intact at the 30-DMA

KSE-100 after making a low of 40,290 recovered to close at 40,499 level, up 51 points. Volumes stood at 84mn shares versus 68mn shares traded previously. The index is likely to target the 30-DMA standing at 40,581 level which may further rise to 40,815 (50-DMA). However, any downside will find support in the range of 40,340-40,440 levels as a drop below that will resume the downtrend. The RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 40,290. The support and resistance are at 40,349 and 40,591 points, respectively.

BOP: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs4.11 and Rs4.34; stoploss at Rs3.81.

PPL: Upside target remains intact

Strategy: 'Buy on dips' - targeting Rs69.14 and Rs71.36; stoploss at Rs65.59.