Karachi, July 20, 2023 (PPI-OT): KSE-100; Consolidation to continue
Range bound activity continued as KSE-100 index gained 86 points to close at 45,095. Volumes stood at 245mn shares versus 255mn shares traded previously. The index is likely to re-test support at 44,928 (yesterday's low) where a fall below that will extend the decline towards 44,687 and 44,385 levels. However, any upside will face resistance in the range of 45,220-45,390 where a break above that will target its recent high of 45,971. The indicators are mixed, signaling no clear trading view. We recommend investors to 'Sell on Strength', keeping stop-loss above 45,383 level. The support and resistance are at 44,940 and 45,239 levels, respectively.
HCAR: Slide to continue
Strategy: 'Sell on Strength' - targeting Rs106.48 and Rs100.03; stoploss at Rs113.50.
HBL: Downside target remains intact
Strategy: 'Sell on Strength' - targeting Rs75.65 and Rs73.39; stoploss at Rs79.69.