Karachi, February 20, 2023 (PPI-OT): KSE-100 expected to trade range bound

KSE-100 index witnessed a range bound activity to close at 41,119 level, up 40 points DoD. Volume stood at 110mn shares versus 142mn shares traded previously. The index is expected to revisit Friday’s low of 40,965 where a fall below that will target the 50-DMA at 40,470. However, any upside will face resistance in the range of 41,230-41,350 and any break above that will target 41,617 (200-DMA). The RSI has improved, while the MACD is heading down, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 40,984 and 41,233 points, respectively.

MLCF: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs23.25 and Rs25.81; stoploss at Rs21.60.

HCAR: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs131.54 and Rs137.48; stoploss at Rs125.10.