Karachi, May 29, 2023 (PPI-OT): KSE-100 sustains above its 50-DMA; 'Buy on dips'

KSE-100 index witnessed a volatile session to close at 40,965, down 65 points. Volumes stood at 168mn shares versus 124mn shares traded previously. The index is maintaining its 50-DMA support at the 40,955 level, however, a drop below the said level will target Friday's low of 40,784 level. Meanwhile, any upside will continue to face resistance at the 30-DMA that is currently at 41,192, followed by the 200-DMA at 41,350 level. Investors are recommended to view any downside as an opportunity to 'Buy', with risk defined below 40,784. The support and resistance are at 40,782 and 41,147 points, respectively.

ENGRO: Upside to continue

Strategy: 'Buy on dips' - targeting Rs280.08 and Rs286.40; stoploss at Rs273.13.

MLCF: Uptrend resumed

Strategy: 'Buy on dips' - targeting Rs28.28 and Rs29.45; stoploss at Rs26.74.