Karachi, August 09, 2023 (PPI-OT): KSE-100; Correction to continue

KSE-100 index declined for the fourth consecutive session losing 956 points DoD to close at 47,430. Volumes stood at 336mn shares versus 382mn shares traded previously. The index has formed a lower high and lower low that indicates potential further downside. The next target is at 47,127 which may be extended to 46,589. However, any upside will face resistance in the range of 47,720-48,120 levels. The RSI has generated a Sell signal and the MACD is moving down, supporting a corrective view. Investors are recommended to 'Sell on Strength', keeping stop-loss above the 48,415 level. The support and resistance are at 47,038 and 48,118 levels, respectively.

ATRL: RSI generated a sell signal

Strategy: 'Sell on Strength' - targeting Rs238.20 and Rs229.51; stoploss at Rs248.26.

HCAR: Drop below the 200-DMA

Strategy: 'Sell on Strength' - targeting Rs116.99 and Rs107.90; stoploss at Rs127.49.