Karachi, December 19, 2022 (PPI-OT): KSE-100; Expected to trade range bound

KSE-100 index witnessed a volatile session to close in at 41,301, up 122 points. Volume stood low at 140mn shares versus 245mn shares traded previously. The index is expected to revisit Friday’s high of 41,394 points where a break above that will target the 50-DMA at 42,130 points, followed by 42,263. However, a fall below Friday’s low of 41,088 points will target 40,827 which is extendable to the 40,350-40,420 range. Meanwhile, the indicators are mixed, signalling no clear trading view. We recommend investors to view any downside as an opportunity to ‘Buy’, with risk defined below 41,088. The support and resistance are at 41,128 and 41,434 points, respectively.

DGKC: A steady recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs52.29 and Rs54.35; stoploss at Rs49.00.

ISL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs48.18 and Rs50.27; stoploss at Rs44.02.