Karachi, March 30, 2022 (PPI-OT): KSE-100 closed above the 30-DMA; ‘Positive’

Bulls dominated the session with KSE-100 index gaining 505 points to close at the 44,439 level. Volumes stood high at 269mn shares versus 133mn shares traded previously. The index has closed above the 30-DMA that will now restrict downside at 44,173. Meanwhile, any rise above 44,479 (yesterday’s high) will target the 50-DMA at 44,701, which may extend to 45,060. The RSI and the MACD are on a rising trend, supporting a positive view. Investors are recommended to ‘Buy on dips’, with risk defined below the 30-DMA. The support and resistance are at 44,089 and 44,634, respectively.

HCAR: Moving averages breakout

Strategy: ‘Buy on dips’ – targeting Rs228.86 and Rs239.21; stoploss at Rs206.67.

PSO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs169.51 and Rs177.01; stoploss at Rs160.20.