Karachi, June 27, 2023 (PPI-OT): KSE-100; Moving averages breakout - 'Positive'
KSE-100 index witnessed a strong recovery as it closed up by 1,372 points at 41,437. Volumes improve to 227mn shares from 137mn shares traded previously. The index has closed above its 200-DMA and the 30-DMA that will provide support at 41,200 and 41,308 levels, respectively. Meanwhile, a break above yesterday's high of 41,492 will extend the gain towards 42,307. The RSI has improved and the Stochastic Oscillator has generated a Buy signal, supporting a positive view. We recommend investors to 'Buy on dips', keeping stop-loss below the 200-DMA. The support and resistance are at 40,683 and 41,841 points, respectively.
DGKC: Uptrend resume
Strategy: 'Buy on dips' - targeting Rs54.90 and Rs57.15; stoploss at Rs50.00.
ISL: Buy signal generated
Strategy: 'Buy on dips' - targeting Rs41.64 and Rs42.10; stoploss at Rs37.55.