Karachi, June 23, 2023 (PPI-OT): KSE-100; Pullback inside the band is likely
KSE-100 index witnessed another negative session to close at 40,152, down 69 points DoD. Volumes stood at 116mn shares versus 97mn shares traded previously. The index is likely to revisit yesterday's low of 40,091 where a fall below that will target 39,841, followed by 39,259 level. However, any upside will face resistance in the range of 40,200-40,380. Meanwhile, a short term recovery cannot be ruled out as the index is trading below the lower Bollinger Band. We recommend investors to Buy above 40,379. The support and resistance are at 40,036 and 40,323 points, respectively.
ATRL: Recovery likely
Strategy: 'Buy on dips' - targeting Rs168.12 and Rs169.47; stoploss at Rs162.66.
HBL: Upside target remains intact
Strategy: 'Buy on dips' - targeting Rs71.24 and Rs72.66; stoploss at Rs66.83.