Karachi, July 31, 2023 (PPI-OT): KSE-100 closed above psychological level of 48,000
KSE-100 witnessed another positive session, 8th in a row, to close at 48,035, up 958 points DoD. Volumes improved to 492mn shares from 455mn shares traded previously. If the gain continues, the expected target will be at 48,982. However, any downside will find support in the range of 47,560-47,850 levels where a fall below these levels will initiate the corrective trend. The RSI and the Stochastic Oscillator currently indicate market being overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 47,563 and 48,317 levels, respectively.
ISL: Moving up steadily
Strategy: 'Buy on dips' - targeting Rs49.65 and Rs52.13; stoploss at Rs47.75.
DGKC: Likely to resume uptrend
Strategy: 'Buy on dips' - targeting Rs56.69 and Rs58.90; stoploss at Rs54.15.