Karachi, August 04, 2022 (PPI-OT): KSE-100 expected to re-test resistance at 30-DMA

Bulls continued to dominate the session as KSE-100 index gained 877 points to close at 41,069 level. Volumes improved to 333mn shares from 218mn shares traded previously. The index has closed above the key resistance of 40,600 and is likely to re-test resistance at 30-DMA that currently stands at 41,116, followed by 41,468 (50-DMA). A break above the 50-DMA level will target 42,500. Meanwhile, any downside will find support at 40,590, followed by 40,191. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below 40,590. The support and resistance are at 40,438 and 41,454, respectively.

PSO: Closed above 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs184.49; stoploss at Rs174.70.

ATRL: Engulfing Bull confirmation

Strategy: ‘Buy on dips’ – targeting Rs150.02 and Rs155.61; stoploss at Rs140.61.