Karachi, October 09, 2023 (PPI-OT): KSE-100; A steady uptrend to continue

KSE-100 index witnessed another positive session to close at 47,494, up 41 points DoD. Volumes stood at 246mn shares versus 463mn shares traded previously. The index is expected to test Friday's high of 47,619 where a break above this level will target 47,994, extendable to 48,828. However, any downside will find support in the range of 47,280-47,400 levels where a fall below that will target the 50-DMA at 46,922 level. The RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', keeping stop-loss below 50-DMA. The support and resistance levels are at 47,391 and 47,608, respectively.

ISL: Moving towards its recent high

Strategy: 'Buy on dips' - targeting Rs49.62 and Rs52.13; stoploss at Rs45.80.

HCAR: Upside to continue

Strategy: 'Buy on dips' - targeting Rs136.97 and Rs141.13; stoploss at Rs131.89.