JS Securities Limited – Pakistan Market: Technical Outlook (02-11-2019)

Karachi, December 02, 2019 (PPI-OT): KSE-100; Upside to continue with cautious stance

The KSE-100 index posted a gain of 581 points to close at 39,288. Volumes stood at 432mn shares versus 349mn shares traded previously. The index is likely to revisit Friday’s high of 39,453 where a break above will target 39,659, with a chance of later extending towards 40,121. However, any downside will find support in the range of 38,820-39,150 where a fall below will kick off the corrective trend. The MACD has improved, while a bearish divergence has been created on the RSI, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 38,964 and 39,614, respectively.

ABL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs98.36; stoploss at Rs91.50.

SNGP: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs71.30; stoploss at Rs77.10.

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JS Securities Limited – Pakistan Market: Technical Outlook (02-11-2019)

Karachi, December 02, 2019 (PPI-OT): KSE-100; Upside to continue with cautious stance

The KSE-100 index posted a gain of 581 points to close at 39,288. Volumes stood at 432mn shares versus 349mn shares traded previously. The index is likely to revisit Friday’s high of 39,453 where a break above will target 39,659, with a chance of later extending towards 40,121. However, any downside will find support in the range of 38,820-39,150 where a fall below will kick off the corrective trend. The MACD has improved, while a bearish divergence has been created on the RSI, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 38,964 and 39,614, respectively.

ABL: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs98.36; stoploss at Rs91.50.

SNGP: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs71.30; stoploss at Rs77.10.

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