Karachi, July 18, 2023 (PPI-OT): KSE-100; Corrective trend remains intact
KSE-100 index witnessed a range bound activity to close at 45,043, down 25 points DoD. Volumes stood high at 315mn shares versus 268mn shares traded previously. The current pattern suggests that the index is expected to consolidate at current levels. Meanwhile, a fall below 45,014 will extend the decline towards 44,687, followed by 44,385. However, any upside will face resistance in the range of 45,210-45,390 levels. Meanwhile, the RSI and the Stochastic Oscillator are moving down, supporting a corrective view. Investors are recommended to 'Sell on Strength', with risk defined above 45,283 level. The support and resistance are at 44,943 and 45,213 levels, respectively.
HCAR: Stochastic Oscillator generated a sell signal
Strategy: 'Sell on Strength' - targeting Rs120.19 and Rs112.77; stoploss at Rs129.10.
ISL: Slide to continue
Strategy: 'Sell on Strength' - targeting Rs45.08 and Rs42.94; stoploss at Rs48.42.