Karachi, September 14, 2023 (PPI-OT): KSE-100; Range bound activity to continue
The KSE-100 index witnessed a range bound activity to close at 45,591, up 83 points DoD. Volumes stood at 103mn shares versus 126mn shares traded previously. The index is likely to re-test support at 45,500 (yesterday's low) where a drop below that may lead it towards its recent low of 44,460. However, any upside will encounter resistance in the range of 45,710-45,840 levels. The RSI has improved, while the MACD is heading down, signalling no clear trading view. We recommend investors to stop selling above the 45,733 level. The support and resistance levels are at 45,483 and 45,715, respectively.
HBL: Downside target remains intact
Strategy: 'Sell on Strength' - targeting Rs92.44 and Rs88.85; stoploss at Rs96.60.
HCAR: A steady uptrend to continue
Strategy: 'Buy on dips' - targeting Rs119.29 and Rs121.12; stoploss at Rs112.90.