Karachi, December 08, 2022 (PPI-OT): KSE-100; Recovery to continue

Bulls dominated the session as KSE-100 index closed up by 279 points at 41,819 level. Volumes stood at 221mn shares versus 132mn shares traded previously. The index is expected to target the 50-DMA that currently stands at 42,111 where a break above that will extend the gain towards 42,282 (30-DMA). However, any downside will find support in the range of 41,540-41,750, followed by 41,297. Meanwhile, the RSI has improved and the Stochastic Oscillator has generated a Buy signal, supporting a recovery view. Investors are recommended to ‘Buy on dips’, keeping stop-loss below 41,540. The support and resistance are at 41,605 and 41,967 levels, respectively.

DGKC: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs53.24 and Rs55.98; stoploss at Rs48.31.

ISL: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs47.52 and Rs50.26; stoploss at Rs43.10.