Karachi, September 06, 2023 (PPI-OT): KSE-100; Resistance continued at the 50-DMA

Once again, KSE-100 index failed to clear its 50-DMA and slid to close at 45,491 level, down 216 points DoD. Volumes stood dull at 123mn shares versus 139mn shares traded previously. The current pattern suggests that the index is expected to consolidate at the current levels. Meanwhile, a fall below 45,417 (yesterday's low) will target its recent low of 44,460 level, however, any upside will continue to face resistance at the 50-DMA currently at 45,930 level. The indicators are mixed, signaling no clear trading view. Investors are recommended to stop selling above the 50-DMA. The support and resistance are at 45,289 and 45,822 levels, respectively.

MLCF: Recovery to continue

Strategy: 'Buy on dips' - targeting Rs29.05 and Rs30.46; stoploss at Rs27.85.

BOP: Stochastic Oscillator generated a Buy signal

Strategy: 'Buy on dips' - targeting Rs3.91 and Rs4.27; stoploss at Rs3.39.