Karachi, July 10, 2023 (PPI-OT): The gap opening in the outgoing week is showing a sign of a new bullish rally in the upcoming months. Also, KSE-100 has closed above its 21-EMA on monthly chart which was acting as a key resistance for the last few months. Moreover, a golden cross on daily chart adds further strength to the above view. We believe, the gap at 41,450 remains a key risk, however, there could be a bullish run before the index comes down to fill the gap.

The breakout of recent high at 44,510 will confirm the start of the new bullish trend where we foresee KSE-100 to target 46,210 level which may further rise to 47,130 and 48,980 levels. However, the level of 45,650 can provide a minor resistance. Investors are suggested to view any downside as an opportunity to 'Buy', with the stop-loss placed below 43,400 level.