Karachi, September 20, 2023 (PPI-OT): KSE-100; Trending sideways

KSE-100 index witnessed another range bound session to close at 45,910 level, up 107 points DoD. Volumes stood at 117mn shares versus 103mn shares traded previously. The index is likely to test resistance at 46,036 (yesterday's high) where a break above that will target the 50-DMA at 46,628. However, any downside will find support in the range of 45,740-45,850 levels. The RSI and the MACD are moving up, supporting a positive view. We recommend investors to 'Buy' above the 46,036 level. The support and resistance levels are at 45,828 and 46,014, respectively.

BOP: Price stabilized - Pullback likely

Strategy: 'Buy on dips' - targeting Rs3.79 and Rs3.93; stoploss at Rs3.51.

ENGRO: Recovery likely

Strategy: 'Buy on dips' - targeting Rs250.61 and Rs255.09; stoploss at Rs244.80.