Karachi, November 08, 2022 (PPI-OT): KSE-100; Expected to trade range bound

KSE-100 index showed positive movement to close at the 42,047 level, up 191 points. Volumes stood at 240mn shares versus 298mn shares traded previously. The index is expected to revisit yesterday’s high of 42,207 where a break above that will target 42,672 which could later extend to the 200-DMA at the 43,015 level. However, any downside will find support in the range of 41,760-41,870 levels. The RSI and the MACD have moved up, supporting a positive view. Investors are recommended to ‘Buy on dips’, with risk defined below 41,765. The support and resistance are at 41,867 and 42,218 levels, respectively.

ENGRO: Engulfing Bull

Strategy: ‘Buy on dips’ – targeting Rs249.74 and Rs257.66; stoploss at Rs238.19.

UBL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs112.00 and Rs113.80; stoploss at Rs106.50.