Karachi, August 03, 2022 (PPI-OT): KSE-100; A steady upward move expected

KSE-100 index witnessed a volatile session to close at 40,192 level, up 116 points DoD. Volumes stood at 218mn shares versus 110mn shares traded previously. The index is expected to re-test resistance at 40,458, followed by 40,590 where a break above that will target the 30-DMA at 41,152. However, any downside will find support in the range of 39,950 to 39,750 levels. The RSI and the MACD have improved, supporting a recovery view. Investors are recommended to ‘Buy on dips’, keeping stop-loss below 39,762. The support and resistance are at 39,817 and 40,512, respectively.

HCAR: Recovery expected

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

ATRL: Engulfing Bull

Strategy: ‘Buy on dips’ – targeting Rs150.16 and Rs155.61; stoploss at Rs130.00.