Karachi, December 15, 2022 (PPI-OT): KSE-100; A steady recovery to continue

KSE-100 index extended gains to close at 41,738, up 23 points. Volumes stood at 147mn shares versus 145mn shares traded previously. The index has formed a higher high and higher low that indicates recovery movement is likely to continue. A break above 41,874 points will extend the gain towards the 50-DMA at 42,155 points, followed by 42,315 points (30-DMA). However, any downside will find support in the range of 41,510-41,550 levels where a fall below that will target its recent low of 41,297. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below 41,510 points. The support and resistance are at 41,562 and 41,894 points, respectively.

DGKC: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs52.61 and Rs54.85; stoploss at Rs48.85.

ISL: Moving up steadily

Strategy: ‘Buy on dips’ – targeting Rs48.60 and Rs50.69; stoploss at Rs44.55.