Karachi, July 12, 2023 (PPI-OT): KSE-100 in an overbought region; stay cautious
KSE-100 index witnessed another positive session to close at 45,156, up 571 points DoD. Volumes stood at 555mn shares versus 440mn shares traded previously. The index is likely to revisit yesterday's high of 45,250 where a break above that will target 45,613. However, any downside will find support in the range of 44,690-44,815 levels. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 44,815 and 45,374 points, respectively.
ENGRO: Moving averages to limit upside
Strategy: 'Sell on Strength' - targeting Rs263.94 and Rs260.30; stoploss at Rs269.92.
HCAR: Upside to continue
Strategy: 'Buy on dips' - targeting Rs126.67 and Rs132.56; stoploss at Rs113.26.