Karachi, July 18, 2022 (PPI-OT): KSE-100 expected to trade range bound

KSE-100 index showed negative movement to close at 42,075, down 274 points DoD. Volumes stood low at 140mn shares versus 228mn shares traded previously. The index is expected to consolidate between the 30-DMA and the 50-DMA that currently stands at 41,730 and 42,322 levels, respectively. A break on either side will set the market direction. The indicators are mixed, signaling no clear trading view. Investors are recommended to stay ‘long’ above the 30-DMA. The support and resistance are at 41,902 and 42,374, respectively.

ISL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs65.76; stoploss at Rs58.57.

HCAR: Moving averages to restrict upside

Strategy: ‘Sell on Strength’ – targeting Rs162.07; stoploss at Rs178.41.