Karachi, August 03, 2023 (PPI-OT): KSE-100 moving towards 49,000 level

Bulls dominated for another as KSE-100 index gained 534 points to close at 48,765. The market volumes stood almost flat at 556mn shares. The index is likely to face resistance in the range of 48,850-49,050 levels where a break above that will extend the gain towards 50,345 level. However, any downside will be tested in the range of 48,340-48,600 where a drop below that will initiate the corrective trend. The momentum indicators are warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 48,345 and 49,018 levels, respectively.

ENGRO: Upside to continue

Strategy: 'Buy on dips' - targeting Rs266.85 and Rs271.80; stoploss at Rs261.66.

BOP: Moving up steadily

Strategy: 'Buy on dips' - targeting Rs5.18 and Rs5.95; stoploss at Rs4.61.