Karachi, August 11, 2023 (PPI-OT): KSE-100; Consolidation likely

KSE-100 index witnessed a volatile session to close at 47,808 level, down 419 points. Volumes stood at 322mn shares versus 312mn shares traded previously. The index is likely to re-test support at its recent low of 47,262 where a fall below that will extend the decline towards 47,127 and 46,589 levels. However, any upside will face resistance in the range of 48,020-48,410 levels. The Stochastic Oscillator has improved, while the RSI has generated a sell signal, signalling no clear trading view. We recommend investors to sell on the higher side, with risk defined above 48,623. The support and resistance are at 47,415 and 48,412 levels, respectively.

ATRL: Corrective trend intact

Strategy: 'Sell on Strength' - targeting Rs237.99 and Rs229.51; stoploss at Rs246.14.

MLCF: A steady upward movement to continue

Strategy: 'Buy on dips' - targeting Rs33.00 and Rs34.60; stoploss at Rs31.29.