Karachi, September 14, 2022 (PPI-OT): KSE-100 still trading range bound

KSE-100 index witnessed another range bound session to close at 42,001, up 139 points. Volumes stood at 119mn shares versus 161mn shares traded previously. The index is expected to consolidate between the 50-DMA and the 30-DMA that currently stands at 41,760 and 42,335 levels, respectively. A break on either side will set market direction. The downside break will find support at 41,400, while any upside above 42,335 will target 42,615. The RSI and the Stochastic Oscillator have improved, suggesting a positive trend ahead. Investors are recommended to ‘Buy on dips’, with risk defined below the 50-DMA. The support and resistance are at 41,878 and 42,109 points, respectively.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs241.23 and Rs244.13; stoploss at Rs230.70.

UBL: Picking up momentum

Strategy: ‘Buy on dips’ – targeting Rs122.98 and Rs131.60; stoploss at Rs117.00.