Karachi, November 07, 2022 (PPI-OT): KSE-100; Still above its moving averages support

KSE-100 index showed negative movement on Friday to close at the 41,856 level, down 234 points. Volumes stood at 298mn shares versus 326mn shares traded previously. The index is still trading above the 50-DMA and the 30-DMA that will restrict downside at 41,774 and 41,768 levels, respectively. However, any upside will face resistance in the range of 41,890-42,090 where a break above that will target 42,672, followed by 200-DMA at 43,034 level. The indicators are mixed, signalling no clear trading view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 30-DMA. The support and resistance are at 41,688 and 42,057 levels, respectively.

ATRL: Short term correction expected

Strategy: ‘Sell on Strength’ – targeting Rs159.29 and Rs156.45; stoploss at Rs175.48.

UBL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs112.22 and Rs113.99; stoploss at Rs106.20.