Karachi, November 02, 2022 (PPI-OT): KSE-100; Resistance at the 50-DMA

KSE-100 index extended the gain to close at 41,809, up 544 points DoD. Volumes stood at 192mn shares versus 97mn shares traded previously. The index has closed above the 30-DMA and is expected to test resistance at 41,835 (50-DMA) where a break above that will neutralize the bearish view and the index will target 42,077. However, any downside will find support at the 30-DMA that currently is at 41,655. The RSI and the MACD have moved up, suggesting a positive trend ahead. JS Securities Limited recommends investors to ‘Buy’ above the 50-DMA. The support and resistance are at 41,438 and 42,006 levels, respectively.

ISL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs54.30 and Rs56.14; stoploss at Rs51.00.

DGKC: RSI generated a Buy signal

Strategy: ‘Buy on dips’ – targeting Rs58.78 and Rs63.49; stoploss at Rs52.60.