Karachi, April 17, 2023 (PPI-OT): KSE-100; Expected target at the 30-DMA

Recovery movement continued for the KSE-100 index as it gained 79 points to close at the 40,206 level. Volumes stood at 89mn shares versus 80mn shares traded previously. If the gain continues, the likely target will be at the 30-DMA that currently stands at 40,656, which could later extend to 40,839 (50-DMA). However, any downside will find support in the range of 40,080-40,130 levels. Meanwhile, the RSI and the MACD are on a rising trend, supporting a recovery view. We recommend investors to 'Buy on dips', keeping stoploss below 40,126 level. The support and resistance are at 40,082 and 40,374 points, respectively.

ATRL: Moving up steadily

Strategy: 'Buy on dips' - targeting Rs174.90 and Rs178.00; stoploss at Rs171.10.

ENGRO: The stock is oversold

Strategy: 'Buy on dips' - targeting Rs275.91 and Rs279.20; stoploss at Rs270.00.