Karachi, August 01, 2022 (PPI-OT): KSE-100 expected to consolidate below key resistance

KSE-100 index witnessed a volatile session to close at 40,150, down 126 points DoD. Volumes stood at 170mn shares versus 251mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a fall below 39,973 will resume the downtrend with immediate support at 39,541, whereas, any drop below that will target 38,611. However, the key resistance lies at 40,590 and only a break above that will target 41,020 and 41,369 levels. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 39,978 and 40,372, respectively.

HBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs91.19; stoploss at Rs85.00.

OGDC: Moving averages to restrict downside

Strategy: ‘Buy on dips’ – targeting Rs83.97 and Rs88.88; stoploss at Rs79.43.