Karachi, May 31, 2023 (PPI-OT): KSE-100; Upside to continue
Bulls continued to dominate the session as KSE-100 index gained 332 points to close at 41,672. Volumes stood at 198mn shares versus 346mn shares traded previously. The index has closed above its 200-DMA that will restrict downside at 41,340, followed by the 30-DMA at 41,305 points. Meanwhile, a break above yesterday's high will continue the upward momentum towards 42,110 which may further rise to 42,617 points. Meanwhile, the RSI and the Stochastic Oscillator are moving up, supporting a positive view. Investors are recommended to 'Buy on dips', keeping stoploss below the 200-DMA. The support and resistance are at 41,458 and 41,789 levels, respectively.
ATRL: Upside likely
Strategy: 'Buy on dips' - targeting Rs167.54 and Rs169.63; stoploss at Rs162.06.
OGDC: Recovery to continue
Strategy: 'Buy on dips' - targeting Rs77.67 and Rs80.25; stoploss at Rs75.00.