Karachi, January 04, 2023 (PPI-OT): KSE-100; Consolidation expected below the 30-DMA

KSE-100 index posted a loss of 185 points to close at the 40,631 level. Volumes stood at 201mn shares versus 242mn shares traded previously. The current pattern suggests a short term consolidation at these levels. However, any break above 41,016 (yesterday’s high) will target the 30-DMA at 41,212, followed by 41,640 (50-DMA). Though, any fall below yesterday’s low of 40,595 will initiate the corrective trend with 40,264 and 40,028 in sight. The indicators are mixed, 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 40,479 and 40,899 points, respectively.

DGKC: Dropped below the 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs46.40; stoploss at Rs50.03.

BOP: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs4.96 and Rs5.11; stoploss at Rs4.55.