Karachi, September 28, 2023 (PPI-OT): KSE-100; Resistance continued at the 30-DMA level

KSE-100 index showed positive movement to close at 46,365, up 87 points. Volumes stood at 177mn shares versus 259mn shares traded previously. The index is trading below the 30-DMA which will provide resistance at 46,382, followed by the 50-DMA at 46,767. A break above the said levels will extend the gain towards the 47,516 level. However, any downside will find support in the range of 46,140-46,250 levels. The RSI and the MACD have moved up, suggesting a positive trend ahead. We recommend investors to 'Buy' above the 50-DMA level. The support and resistance levels are at 46,253 and 46,463, respectively.

SNGP: Upside to continue

Strategy: 'Buy on dips' - targeting Rs48.10 and Rs49.00; stoploss at Rs46.05.

BOP: Moving up slowly

Strategy: 'Buy on dips' - targeting Rs4.15 and Rs4.90; stoploss at Rs3.94.