Karachi, December 07, 2022 (PPI-OT): KSE-100; A short term pullback inside the band likely

The KSE-100 index after making a low of 41,297 points recovered to close at 41,540, down 73 points. Volumes stood at 132mn shares versus 126mn shares traded previously. The index is likely to re-test resistance at yesterday’s high of 41,744 points where a break above that will target the 50-DMA at 42,105, followed by 42,294 (30-DMA). However, any downside will find support in the range of 41,300-41,530 points where a fall below that will target 41,115, followed by 40,350. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 41,297 points. The support and resistance are at 41,310 and 41,757 points, respectively.

DGKC: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs53.51 and Rs56.22; stoploss at Rs48.31.

ATRL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs152.42; stoploss at Rs164.00.