Karachi, October 12, 2022 (PPI-OT): KSE-100; Consolidation expected above 50-DMAKSE-100 index witnessed a range bound session to close at 42,155, down 56 points DoD. Volumes stood at 305mn shares versus 240mn shares traded previously. An Engulfing Bear has occurred which indicates a negative trend, however, the 50-DMA will provide support at 41,955, followed by the 30-DMA at 41,667. Meanwhile, any upside will continue to face resistance in the range of 42,350-42,450 where a break above will extend the gain towards 42,562, followed by 43,302 (200-DMA). Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 42,002 and 42,360 levels, respectively.

ATRL: Picking up momentum

Strategy: ‘Buy on dips’ – targeting Rs170.00 and Rs182.61; stoploss at Rs156.65.

PPL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs63.03 and Rs66.25; stoploss at Rs58.05.