Karachi, July 17, 2023 (PPI-OT): KSE-100; Correction to continue
KSE-100 index extended the decline to close at 45,068, down 199 points DoD. Volumes stood at 268mn shares versus 489mn shares traded previously. If the decline continues, the likely target will be at 44,687 which may be extended to 44,385. However, any upside will face resistance in the range of 45,200-45,500 levels. The RSI has moved down and the Stochastic Oscillator has generated a Sell signal, supporting a corrective view. We recommend investors to view any upside as an opportunity to 'Sell', with risk defined above 45,488. The support and resistance are at 44,911 and 45,357 levels, respectively.
UBL: Corrective trend remains intact
Strategy: 'Sell on Strength' - targeting Rs126.21 and Rs123.00; stoploss at Rs132.76.
ISL: Slide to continue
Strategy: 'Sell on Strength' - targeting Rs45.13 and Rs42.91; stoploss at Rs48.42.