Karachi, November 10, 2022 (PPI-OT): KSE-100; A steady uptrend to continue

KSE-100 index extended the gain to close at 42,265, up 218 points DoD. Volumes stood at 237mn shares versus 240mn shares traded previously. If the gain continues, the likely target will be at 42,672 which could later extend to the 200-DMA that currently stands at 42,999. However, any downside will find support at 42,047 where a drop below that will target 41,823 (30-DMA). The RSI and the MACD are heading up, supporting a positive view. Investors are recommended to ‘Buy on dips’, keeping stop-loss below 42,047. The support and resistance are at 42,104 and 42,370 levels, respectively.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs249.74 and Rs257.51; stoploss at Rs240.11.

PPL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs56.65 and Rs59.84; stoploss at Rs52.50.