Karachi, April 03, 2023 (PPI-OT): KSE-100; Recovery expected

Range bound activity continued as KSE-100 index gained 152 points to close at 40,001. Volumes stood at 112mn shares versus 89mn shares traded previously. A short-term recovery is expected with an upside target at 40,334 and 40,708 levels. However, any downside will find support in the range of 39,720-39,910 where a fall below that will extend the decline towards 39,496, followed by 39,166. The RSI and the Stochastic Oscillator are moving up, supporting a recovery view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below the 39,729 level. The support and resistance are at 39,820 and 40,091 points, respectively.

DGKC: Gaining momentum

Strategy: ‘Buy on dips’ – targeting Rs45.94 and Rs48.90; stoploss at Rs42.19.

PSO: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs119.08 and Rs124.26; stoploss at Rs114.02.