Karachi, May 16, 2023 (PPI-OT): KSE-100 rebounded from 200-DMA; 'Buy on dips'

Bulls continued to dominate the session as KSE-100 index gained 231 points to close at 41,718. Volumes improved to 109mn shares from 89mn shares traded previously. The upside target for KSE-100 remains intact at 41,874 which can be extended to 42,389 level. However, any downside will find support at 41,582, followed by the 200-DMA at 41,327. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. Investors are recommended to 'Buy' at lower levels with risk defined below the 200-DMA. The support and resistance are at 41,446 and 41,855 points, respectively.

HCAR: Buy signal generated

Strategy: 'Buy on dips' - targeting Rs111.03 and Rs113.79; stoploss at Rs101.00.

UBL: Engulfing Bull with buy signal

Strategy: 'Buy on dips' - targeting Rs124.50 and Rs128.99; stoploss at Rs118.81.