Karachi, July 28, 2022 (PPI-OT): KSE-100; Recovery movement is likely to continue

A steady recovery continued for KSE-100 index as it gained 79 points to close at the 39,973 level. Volumes stood at 122mn shares versus 132mn shares traded previously. The index is expected to revisit yesterday’s high of 40,097 where a break above that will target 40,590. However, any downside will find support in the range of 39,720-39,600. The RSI and the Stochastic Oscillator are moving up, supporting a recovery view. Investors are recommended to ‘Buy’ for trading gains, keeping stop-loss below 39,605. The support and resistance are at 39,686 and 40,178, respectively.

HBL: Recovery likely

Strategy: ‘Buy on dips’ – targeting Rs91.56; stoploss at Rs82.99.

ATRL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs151.07 and Rs155.61; stoploss at Rs137.50.