Karachi, August 16, 2023 (PPI-OT): KSE-100; Consolidation likely

KSE-100 index showed positive movement to close at the 48,566 level, up 141 points DoD. Volumes stood at 252mn shares versus 368mn shares traded previously. The index is expected to revisit yesterday's high of 48,794 where a break above that will target its recent high of 49,405 level. However, any downside will find support in the range of 48,300-48,550 levels where a fall below this range will initiate a corrective trend. The indicators are mixed, signalling no clear trading view. We recommend investors to 'Buy' above 48,899. The support and resistance are at 48,308 and 48,809 levels, respectively.

ATRL: Corrective trend intact

Strategy: 'Sell on Strength' - targeting Rs238.20 and Rs229.51; stoploss at Rs247.02.

HCAR: Likely to resume the uptrend

Strategy: 'Buy on dips' - targeting Rs130.46 and Rs137.54; stoploss at Rs121.98.