Karachi, August 02, 2022 (PPI-OT): KSE-100 expected to trade range bound

KSE-100 consolidated for another session to close at 40,076 level, down 74 points DoD. Volumes stood dull at 110mn shares versus 170mn shares traded previously. The index is expected to revisit yesterday’s high of 40,381 where a break above that will target 40,590. However, any downside will find support in the range of 40,070-39,970 which could later extend to 39,541. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 39,970 and 40,280, respectively.

HCAR: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs162.54 and Rs170.83; stoploss at Rs150.00.

OGDC: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs83.97 and Rs88.88; stoploss at Rs79.47.