Karachi, May 17, 2023 (PPI-OT): KSE-100; Moving up steadily - 'Buy on dips'

A steady upward movement continued for the KSE-100 index as it gained 288 points DoD to close at 42,006. Volumes stood high at 196mn shares versus 109mn shares traded previously. The index is expected to revisit yesterday's high of 42,082 where a break above that will extend the gain towards 42,389. However, any downside will find support in the range of 41,710-41,820 levels where a fall below that will target the 200-DMA at 41,338. JS Securities Limited recommends investors to view any downside as an opportunity to 'Buy', with risk defined below 41,718. The support and resistance are at 41,855 and 42,120 points, respectively.

ISL: Limited downside risk

Strategy: 'Buy on dips' - targeting Rs44.62 and Rs46.70; stoploss at Rs42.61.

UBL: Upside to continue

Strategy: 'Buy on dips' - targeting Rs128.99 and Rs133.00; stoploss at Rs123.87.