JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, February 13, 2018 (PPI-OT):Downside likely; ‘Sell on Strength’ maintained

The KSE-100 index showed negative movement to close at 43,515, down 294 points. Volumes stood at 215mn shares versus 226mn shares traded previously. The index is expected to re-test support at the 30-DMA; where a fall below will continue the downtrend with 42,543 in sight. However, any upside will face resistance in the range of 43,900-44,005; where a break above will refresh upward momentum. The RSI and the MACD have moved down, supporting a negative view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, keeping stoploss above the 200-DMA. The support and resistance are at 43,304 and 43,727, respectively.

NCL – Closed above the 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs56.50 and Rs58.41; stoploss at Rs52.82.

ATRL – Upside likely

Strategy: ‘Buy on dips’ – targeting Rs280.99 and Rs289.36; stoploss at Rs259.00.

You May Also Like