Karachi, July 21, 2023 (PPI-OT):
KSE-100 moving towards its recent high
KSE-100 index showed positive movement to close at the 45,398 level, up 303 points DoD. Volumes stood high at 464mn shares versus 245mn shares traded previously. The index is moving towards its recent high of 45,971 where a break above that will extend the gain towards 46,210, followed by 47,388 level. However, any downside will find support in the range of 45,060-45,310 levels. Meanwhile, the RSI and the Stochastic Oscillator have improved, suggesting a positive trend ahead. We recommend investors to 'Buy on dips', with risk defined below the 45,067 level. The support and resistance are at 45,160 and 45,544 levels, respectively.
PSO: Resumed uptrend
Strategy: 'Buy on dips' - targeting Rs126.10 and Rs129.44; stoploss at Rs118.40.
HCAR: A bullish candle
Strategy: 'Buy on dips' - targeting Rs123.34 and Rs130.45; stoploss at Rs115.57.