Karachi, September 02, 2022 (PPI-OT): KSE-100; A steady uptrend to continue

KSE-100 index extended the gain to close at 42,460 level, up 109 points DoD. Volumes improved to 248mn shares from 181mn shares traded previously. The index is expected to test resistance at the 100-DMA that currently stands at 42,720 where a break above that will target 43,101. However, any downside will find support in the range of 42,175-42,355. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below 42,079. The support and resistance are at 42,318 and 42,635, respectively.

DGKC: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs65.70; stoploss at Rs60.50.

HCAR: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs180.70 and Rs187.30; stoploss at Rs172.12.