Karachi, September 12, 2023 (PPI-OT): KSE-100; Consolidation to continue below the 50-DMA

Another range-bound session was witnessed for KSE-100 index as it closed at 45,866 level, down 148 points. Volume stood high at 213mn shares versus 150mn shares traded previously. The index is likely to re-test resistance at 46,175 (yesterday's high) where a break above that will deliver limited gains towards the 46,361 (50-DMA) level. However, any downside will find support in the range of 45,400-45,640 levels as any fall below that will resume the downtrend. The indicators are mixed, signalling no clear trading view. We recommend investors to stop selling above the 50-DMA level. The support and resistance are at 45,638 and 46,134 levels, respectively.

PSO: Moving up steadily

Strategy: 'Buy on dips' - targeting Rs118.80 and Rs121.93; stoploss at Rs116.75.

ISL: Recovery to continue

Strategy: 'Buy on dips' - targeting Rs45.56 and Rs48.07; stoploss at Rs43.71.