JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, January 19, 2018 (PPI-OT):KSE-100; upside target remains intact at the 200-DMA

Upward movement continued for the KSE-100 index as it closed at 43,581, up 222 points. Volumes stood at 268mn shares versus 151mn shares traded previously. The index has formed a higher high and higher low indicating potential for further upside. The upside target remains intact at the 200-DMA standing at 44,297. However, any downside will find support at yesterday’s low of 43,193. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy’ at lower levels, with risk defined below 43,193. The support and resistance are at 43,112 and 44,054, respectively.

HBL – Upside likely

Strategy: ‘Buy on dips’ – targeting Rs217.19; stoploss at Rs199.99.

NCL – Restricted downside

Strategy: ‘Buy on dips’ – targeting Rs55.69 and Rs63.50; stoploss at Rs52.97.

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