Karachi, May 02, 2023 (PPI-OT): KSE-100 above its Upper Bollinger Band; stay cautious

KSE-100 index extended the gain to close at 41,581, up 117 points DoD. Volumes stood at 268mn shares versus 169mn shares traded previously. The upside target for the index remains intact at 42,292, however, any downside will find support at the 200-DMA that is currently at 41,282. Meanwhile, a short term correction cannot be ruled out as the index is trading above the Upper Bollinger Band. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 41,433 and 41,760 points, respectively.

OGDC: Dropped below the 30-DMA

Strategy: 'Sell on Strength' - targeting Rs83.67 and Rs80.90; stoploss at Rs87.48.

DGKC: Limited downside risk

Strategy: 'Buy on dips' - targeting Rs47.84 and Rs48.90; stoploss at Rs44.18.