Karachi, July 15, 2022 (PPI-OT): KSE-100; Expected target at the 50-DMA

Bulls continued to dominate the session as KSE-100 index gained 486 points to close at 42,349. Volumes improved to clock in at 228mn shares as compared to 165mn shares traded previously. The index is expected to target the 50-DMA that currently stands at 42,397 where a break above that level will target 42,983, followed by 43,650. However, any downside will find support at 41,763 (30-DMA) and a fall below that level will cause a downtrend to resume. Meanwhile, the RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stop-loss below 41,763. The support and resistance are at 42,020 and 42,520, respectively.

ISL: Closed above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs65.86; stoploss at Rs58.65.

DGKC: Indicators are heading up

Strategy: ‘Buy on dips’ – targeting Rs64.00 and Rs67.01; stoploss at Rs58.63.