Karachi, September 11, 2023 (PPI-OT): KSE-100; Range bound activity to continue

KSE-100 index showed positive movement to close at 46,013 level, up 256 points DoD. Volumes stood at 150mn shares versus 177mn shares traded previously. The index is likely to test resistance at 46,273 (50-DMA) where a break above the said level will target 46,349 and 46,932 levels, respectively. However, any downside will be tested in the range of 45,590-45,805 levels. The RSI and the Stochastic Oscillator have moved up, suggesting a positive movement ahead. We recommend investors to 'Buy' above the 50-DMA. The support and resistance are at 45,802 and 46,151 levels, respectively.

PSO: A steady uptrend to continue

Strategy: 'Buy on dips' - targeting Rs118.50 and Rs121.74; stoploss at Rs114.50.

ISL: Recovery likely

Strategy: 'Buy on dips' - targeting Rs45.56 and Rs48.07; stoploss at Rs43.00.