Karachi, April 27, 2023 (PPI-OT): KSE-100; Likely to re-test resistance at the 200-DMA

KSE-100 index showed positive movement to close at 41,100 level, up 92 points. Volumes stood at 187mn shares versus 174mn shares traded previously. The index is expected to re-test resistance at the 200-DMA that is currently at 41,280 level and a break above that will target 42,292. However, any downside will find support in the range of 40,790-41,010 levels. Meanwhile, the RSI and the MACD have continued to rise, supporting a positive view. Investors are recommended to view any downside as an opportunity to 'Buy', with risk defined below the 50-DMA. The support and resistance are at 40,950 and 41,306 points, respectively.

ENGRO: RSI generated a Sell signal

Strategy: 'Sell on Strength' - targeting Rs298.53 and Rs293.20; stoploss at Rs315.80.

UBL: Upside target remains intact

Strategy: 'Buy on dips' - targeting Rs117.80 and Rs122.98; stoploss at Rs110.50.