Karachi, November 11, 2022 (PPI-OT): KSE-100; Expected target at the 200-DMA

Bulls continued to dominate the session as KSE-100 index gained 636 points to close at the 42,901 level. Volumes stood at 294mn shares versus 237mn shares traded previously. The index is expected to target the 200-DMA that is currently at the 42,985 level where a break above that will extend the gain towards the 43,634 level. However, any downside will find support in the range of 42,450-42,710 levels. The RSI and the MACD are moving up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy’ at lower level, keeping stop-loss below 42,458 level. The support and resistance are at 42,458 and 43,152 levels, respectively.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs249.74 and Rs257.37; stoploss at Rs243.00.

MLCF: Closed above the 50-DMA – ‘Positive’

Strategy: ‘Buy on dips’ – targeting Rs29.81; stoploss at Rs27.99.