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Karachi, May 09, 2023 (PPI-OT): KSE-100 rebounded from 200-DMA; ‘Buy on dips’
KSE-100 index closed the session at 41,374 level, down 456 points DoD. Volumes stood at 203mn shares versus 179mn shares traded previously. A short-term correction seems to be completed as KSE-100 has rebounded from the 200-DMA support currently at 41,298 level. However, any fall below the said level will expose further weakness towards 40,593 level. Meanwhile, we anticipate a resumption in uptrend with an expected target at 41,702 and 41,964. We recommend investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 200-DMA. The support and resistance are at 41,158 and 41,710 points, respectively.
UBL: Corrective trend intact
Strategy: ‘Sell on Strength’ – targeting Rs126.22 and Rs122.03; stoploss at Rs133.00.
ENGRO: Bullish Divergence
Strategy: ‘Buy on dips’ – targeting Rs267.73 and Rs271.27; stoploss at Rs262.00.