Karachi, August 16, 2022 (PPI-OT): KSE-100; Resistance at the 200-DMA

Bulls continued to dominate the session as KSE-100 index gained 764 points to close at 43,622. Volumes improved to 542mn shares from 374mn shares traded previously. The index is expected to target the 200-DMA that currently stands at 43,950 where a break above will deliver gains towards 44,328 level. However, any downside will find support in the range of 43,100-43,380 where a fall below that will initiate the corrective trend with 42,680 as the downside target. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 43,100 and 43,901, respectively.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs183.55; stoploss at Rs162.65.

BOP: Moving up steadily

Strategy: ‘Buy on dips’ – targeting Rs6.59 and Rs7.50; stoploss at Rs5.50.