Karachi, August 25, 2023 (PPI-OT): KSE-100; Upside to continue

KSE-100 index posted a gain of 332 points to close at 47,751. Volumes stood at 252mn shares versus 189mn shares traded previously. The index is likely to re-test resistance at yesterday's high of 47,994 where a break above the said level will extend the gain towards 48,489. However, any downside will find support in the range of 47,370-47,480 levels. The RSI has improved and the Stochastic Oscillator has generated a Buy signal, supporting a positive view. We recommend investors to 'Buy on dips', keeping stop-loss below the 47,464 level. The support and resistance are at 47,478 and 48,009 levels, respectively.

ISL: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs47.21 and Rs49.00; stoploss at Rs45.03.

HCAR: Downside target remains intact

Strategy: 'Sell on Strength' - targeting Rs119.00 and Rs114.27; stoploss at Rs124.60.