Karachi, August 28, 2023 (PPI-OT): KSE-100; Consolidation expected above the 30-DMA

KSE-100 index witnessed a volatile session to close at 47,671 level, down 80 points DoD. Volumes stood at 192mn shares versus 252mn shares traded previously. The index is expected to consolidate above the 30-DMA currently at 47,217. Meanwhile, any upside will face resistance at Friday's high of 47,854 where a break above that will 48,489 level. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to view any downside as an opportunity to 'Buy', with risk defined below the 30-DMA. The support and resistance are at 47,543 and 47,826 levels, respectively.

ISL: Continuation formation

Strategy: 'Buy on dips' - targeting Rs47.10 and Rs49.00; stoploss at Rs45.13.

HCAR: Slide to continue

Strategy: 'Sell on Strength' - targeting Rs114.70 and Rs109.00; stoploss at Rs122.80.