Karachi, December 02, 2022 (PPI-OT): KSE-100 sustaining above the 30-DMA support

KSE-100 index showed positive movement to close at 42,394, up 45 points. Volume stood at 162mn shares as compared to 120mn shares traded previously. The index is expected to revisit yesterday’s high of 42,658 points where a break above that level will target the 200-DMA at 42,789 points.

However, any downside will find support at the 30-DMA that currently stands at 42,340 points, followed by 42,053 (50-DMA). The indicators are mixed, signalling no clear trading view. We recommend investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 42,275 and 42,585 points, respectively.

PSO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs154.99 and Rs166.41; stoploss at Rs149.06.

ATRL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs162.77 and Rs152.28; stoploss at Rs169.43.