Karachi, August 04, 2023 (PPI-OT): KSE-100; Possible start of a corrective trend

KSE-100 failed to sustain its intraday high of 49,405 and slid to close at 48,611 level, down 153 points DoD. Volumes stood modest at 526mn shares versus 556mn shares traded previously. The index is likely to re-test support at 48,541 level where a fall below that will initiate a corrective trend with 47,665 and 47,127 levels in sight. However, any upside will face resistance in the range of 48,850-49,170 levels. Meanwhile, the RSI and the Stochastic Oscillator have shown weakness, supporting a corrective view. Investors are recommended to 'Sell' below 48,541. The support and resistance are at 48,300 and 49,163 levels, respectively.

UBL: Slide to continue

Strategy: 'Sell on Strength' - targeting Rs141.39 and Rs134.47; stoploss at Rs147.80.

HCAR: Sell signal generated

Strategy: 'Sell on Strength' - targeting Rs133.03 and Rs128.21; stoploss at Rs141.07.