Karachi, May 22, 2023 (PPI-OT): KSE-100 resume the uptrend; 'Buy on dips'

KSE-100 index resumes its uptrend to close at 41,599, up 157 points DoD. Volumes stood at 120mn shares versus 101mn shares traded previously. If the gain continues, the initial target will be at 41,821 which could later extend to 42,110. Meanwhile, any downside will find support in the range of 41,420-41,520, followed by the 200-DMA at 41,360 level. The momentum indicators are mixed, signalling no clear trading view. We recommend investors to view any downside as an opportunity to 'Buy', with risk defined below the 200-DMA. The support and resistance are at 41,426 and 41,700 points, respectively.

ISL: Moving averages to limit downside

Strategy: 'Buy on dips' - targeting Rs44.62 and Rs46.70; stoploss at Rs42.73.

PPL: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs62.73 and Rs64.25; stoploss at Rs58.15.