Karachi, August 11, 2022 (PPI-OT): KSE-100; A short breather expected

Bulls dominated for another session as KSE-100 index gained 399 points to close at 42,495. Volumes stood at 373mn shares versus 407mn shares traded previously. The index is expected to test resistance in the range of 42,775 to 42,980 where a break above these levels will target 43,555, followed by 43,991 (200-DMA). However, any downside will find support in the range of 42,095-42,455. The RSI and the MACD have continued to rise, supporting a positive view. Investors are recommended to ‘Buy on dips’, with risk defined below 42,096. The support and resistance are at 42,135 and 42,815, respectively.

UBL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs126.29 and Rs130.82; stoploss at Rs119.50.

ISL: Moving up steadily

Strategy: ‘Buy on dips’ – targeting Rs64.17; stoploss at Rs59.71.