Karachi, July 14, 2022 (PPI-OT): KSE-100 closed above the 30-DMA; ‘Positive’

PSX witnessed a bullish momentum as KSE-100 index closed up by 519 points at the 41,863 level. Volumes stood at 165mn shares versus 99mn shares traded previously. The index has closed above the 30-DMA that indicates potential for further upside. The next target is established at 42,150 which could later extend to the 50-DMA at 42,471 level. However, any downside will find support in the range of 41,400-41,700. The RSI and the MACD are moving up, supporting a positive view. Investors are recommended to ‘Buy on dips’, with risk defined below 41,223. The support and resistance are at 41,400 and 42,148, respectively.

PPL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs75.03; stoploss at Rs68.09.

HBL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs95.21 and Rs98.81; stoploss at Rs89.05.