Karachi, February 28, 2023 (PPI-OT): KSE-100; Expected to trade range bound

KSE-100 index witnessed a volatile session to close at 40,784, up 76 points. Volumes stood at 158mn shares versus 153mn shares traded previously. The index is expected to re-test resistance at 40,820 where a break above that will target the 200-DMA at 41,538 level. However, any downside will find support in the range of 40,400-40,620 levels where a fall below that will target 39,829. 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 40,660 and 40,864 points, respectively.

UBL: Closed above 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs117.89 and Rs121.01; stoploss at Rs111.52.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs170.38 and Rs178.00; stoploss at Rs165.50.