Karachi, September 30, 2022 (PPI-OT): KSE-100; Range bound activity expected

KSE-100 index opened on a negative note and remained under pressure throughout the session to close at 41,014, down 421 points DoD. Volumes stood low at 127mn shares versus 221mn shares traded previously. The index is likely to re-test support at 40,911 where a fall below that will target 40,418 which could later extend to 39,540. However, any upside will continue to face resistance in the range of 41,120-41,435, followed by the 50-DMA at 41,728. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 40,805 and 41,329 levels, respectively.

PPL: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs65.95 and Rs67.68; stoploss at Rs60.21.

HCAR: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs192.36; stoploss at Rs176.24.