Karachi, June 13, 2022 (PPI-OT): KSE-100; A steady uptrend to continue

KSE-100 index extended the gain to close at 42,015, up 279 points DoD. Volumes stood at 116mn shares versus 235mn shares traded previously. The index is expected to revisit Friday’s high of 42,076 where a break above that will extend the gain towards 42,602. However, any downside will find support in the range of 41,935-41,795, followed by 41,574. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 41,715 level. The support and resistance are at 41,794 and 42,156, respectively.

MLCF: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs28.52 and Rs29.85; stoploss at Rs24.50.

ENGRO: Engulfing Bull

Strategy: ‘Buy on dips’ – targeting Rs268.79 and Rs272.15; stoploss at Rs261.01.