Karachi, September 13, 2023 (PPI-OT): KSE-100; Bears are regaining momentum

The KSE-100 index extended its decline, closing at the 45,508 level, down 357 points. Trading volumes amounted to 126mn shares, compared to the previous 213mn shares traded. The index is likely to revisit yesterday's low of 45,468, where a further drop below that may lead it towards its recent low of 44,460. However, any upward movement will encounter resistance in the range of 45,630-45,910. Both the Stochastic Oscillator and the RSI have indicated weakness, suggesting a potential negative trend ahead. Investors are recommended to 'Sell on Strength', with the defined risk set above 45,903. The support and resistance levels are at 45,350 and 45,785, respectively.

HBL: Slide to continue

Strategy: 'Sell on Strength' - targeting Rs92.10 and Rs88.85; stoploss at Rs99.63.

HCAR: Moving up steadily

Strategy: 'Buy on dips' - targeting Rs119.08 and Rs121.35; stoploss at Rs110.00.