Karachi, February 08, 2023 (PPI-OT): KSE-100; 200-DMA looming ahead

KSE-100 index extended the gain to close at 41,523, up 332 points DoD. Volumes stood high at 297mn shares versus 177mn shares traded previously. The index is likely to test resistance at 41,786 (200-DMA) where a break above that will extend the gain towards 42,398, followed by 43,126. However, any downside will find support in the range of 41,220-41,500 where a fall below that will target the 50-DMA at 40,528. The RSI and the MACD are on a rising trend, supporting a positive view. Investors are recommended to ‘Buy’ at lower levels, keeping stoploss below 41,190. The support and resistance are at 41,221 and 41,794 points, respectively.

ENGRO: Indicators are moving down

Strategy: ‘Sell on Strength’ – targeting Rs291.02 and Rs285.53; stoploss at Rs301.49.

HBL: Uptrend resume

Strategy: ‘Buy on dips’ – targeting Rs78.45 and Rs81.82; stoploss at Rs72.06.