Karachi, August 23, 2023 (PPI-OT): KSE-100; Downside target remains intact at 30-DMA

KSE-100 index extended the decline to close at 47,418, down 30 points DoD. Volumes stood at 186mn shares versus 211mn shares traded previously. The index is expected to revisit yesterday's low of 47,359 where a fall below that will target the 30-DMA at 46,964. However, any upside will face resistance in the range of 47,600-47,800 levels. The RSI and the MACD have continued to decline, supporting a negative view. We recommend investors to view any upside as an opportunity to 'Sell', with risk defined above 47,800. The support and resistance are at 47,293 and 47,609 levels, respectively.

OGDC: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs101.92 and Rs103.75; stoploss at Rs96.00.

HBL: Downside target remains intact

Strategy: 'Sell on Strength' - targeting Rs96.09 and Rs91.61; stoploss at Rs101.00.