Karachi, July 24, 2023 (PPI-OT): KSE-100; Upside to continue

Bulls continued to dominate as KSE-100 index touched the psychological level of 46,000 during the session. The index gained 522 points to close at 45,921. Volumes stood at 505mn shares versus 464mn shares traded previously. If the gain continues, the initial target will be at 46,210 which may be extended to 47,388. However, any downside will find support in the range of 45,500-45,810 levels. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', keeping stop-loss below the 45,391 level. The support and resistance are at 45,500 and 46,231 levels, respectively.

DGKC: Resumed uptrend

Strategy: 'Buy on dips' - targeting Rs56.69 and Rs58.90; stoploss at Rs53.32.

HCAR: Upside likely

Strategy: 'Buy on dips' - targeting Rs130.16 and Rs132.20; stoploss at Rs124.66.