Karachi, August 22, 2023 (PPI-OT): KSE-100; Expected target at the 30-DMA

KSE-100 witnessed a negative session to close at 47,448, down 771 points. Volumes stood at 211mn shares versus 255mn shares traded previously. The index is expected to target the 30-DMA that stands at 46,857 level. However, any upside will face resistance in the range of 47,700-47,980 levels.

The RSI and the MACD are heading down, supporting a negative view. We recommend investors to 'Sell' on the higher side, with risk defined above the 47,977 level. The support and resistance are at 47,175 and 47,977 levels, respectively.

DGKC: Slide to continue

Strategy: 'Sell on Strength' - targeting Rs50.18 and Rs48.43; stop loss at Rs52.69.

HBL: RSI generated a Sell signal

Strategy: 'Sell on Strength' - targeting Rs96.09 and Rs90.96; stop loss at Rs102.45.