Karachi, November 25, 2022 (PPI-OT): KSE-100; Consolidation to continue

KSE-100 index witnessed another range bound session to close at 42,904 level, up 23 points DoD. Volumes stood at 153mn shares versus 139mn shares traded previously. The index is likely to revisit yesterday’s high of 43,015 where a break above that will extend the gain towards 43,120 which extendable to 43,634. However, any downside will continue to find support between 42,600 to 42,800 levels where a fall below these levels will initiate a corrective trend with 42,265 and 41,954 in sight. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 42,841 and 42,990 levels.

SNGP: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs37.68 and Rs35.32; stoploss at Rs40.19.

ENGRO: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs270.48 and Rs298.40; stoploss at Rs261.01.