Karachi, September 08, 2022 (PPI-OT): KSE-100 still above its 50-DMA

KSE-100 index witnessed another range bound session to close in at 41,766, down 94 points DoD. Volumes during the day stood at 93mn shares versus 187mn shares traded previously. The index is likely to re-test support at yesterday’s low of 41,704 where a fall below that will drive KSE-100 down to a level of 41,400 level. However, any upside will face resistance in the range of 41,840-42,090 where a break above that level will cause the uptrend to resume with 42,615 and 43,101 in sight. Investors are recommended to stay cautious at current levels and wait for dips. The support and resistance are at 41,625 and 41,986, respectively.

ENGRO: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs228.00 and Rs220.21; stoploss at Rs234.49.

ISL: Expected to trade range bound

Strategy: ‘Buy on dips’ – targeting Rs62.29; stoploss at Rs58.08.