Karachi, July 04, 2023 (PPI-OT): KSE-100; Upside to continue
Bulls continued to dominate the session as KSE-100 index gained 2,446 points to close at 43,899. Volumes improved to 382mn shares from 235mn shares traded previously. The index is expected to revisit yesterday's high of 43,934 where a break above that will target 44,296 which could later extend to 44,720. However, any downside will find support in the range of 43,400-43,560. The index is trading above the Upper Bollinger Band, hence, a short term pullback inside the band cannot be ruled out. We recommend investors to 'Buy on dips', keeping stop-loss below 43,405. The support and resistance are at 43,557 and 44,087 points, respectively.
DGKC: Rising window suggests further upside
Strategy: 'Buy on dips' - targeting Rs57.15 and Rs58.55; stoploss at Rs54.02.
ISL: Upside to continue
Strategy: 'Buy on dips' - targeting Rs45.54 and Rs48.57; stoploss at Rs42.09.