Karachi, February 13, 2023 (PPI-OT): KSE-100 expected to consolidate above 200-DMA

KSE-100 index closed negative on Friday at 41,742, down 725 points DoD. Volumes stood at 282mn shares versus 367mn shares traded previously. The index is likely to consolidate above the 200-DMA that currently stands at 41,726 where a fall below that will initiate a corrective trend. However, any upside will face resistance in the range of 41,980-42,300 where a break above that will continue the uptrend with 43,126 in sight. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below the 200-DMA. The support and resistance are at 41,422 and 42,303 points, respectively.

ENGRO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs283.24 and Rs275.65; stoploss at Rs298.00.

DGKC: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs43.96 and Rs46.07; stoploss at Rs41.50.