Karachi, April 07, 2022 (PPI-OT): KSE-100 expected to trade range bound

KSE-100 index opened on a positive note and remained firm throughout the session as it closed at 44,111, up 183 points DoD. However, volumes stood at 108mn shares versus 116mn shares traded previously. The index closed above the 30-DMA which will now restrict downside at 43,955. Whereas, any upside break above 44,378 (yesterday’s high) will target the 50-DMA at 44,627. The RSI has shown improvement, while the Stochastic Oscillator is heading down, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 43,900 and 44,350, respectively.

ENGRO: Closed above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs280.48; stoploss at Rs267.52.

BOP: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs7.45 and Rs7.82; stoploss at Rs6.80.