JS Securities Limited – Pakistan Market: Technical Outlook (27-03-2020)

Karachi, March 27, 2020 (PPI-OT): KSE-100; Consolidation expected

The KSE-100 index witnessed a volatile session to close at 27,267, up 38 points. Volumes stood at 187mn shares versus 145mn shares traded previously. The index is likely to revisit yesterday’s low of 27,047 where a fall below will extend the decline towards 26,467, with a chance of later extending towards 25,179. However, any upside will face resistance in the range of 27,500-28,200 where a break above will kick off the upward correction. The RSI has improved, while the MACD is heading down, signalling no clear trading view. JS Securities Limited recommends investors to ‘Sell on Strength’, with risk defined above 28,191. The support and resistance are at 26,599 and 27,952, respectively.

DGKC: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs44.15; stoploss at Rs52.14.

ATRL: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs57.23 and Rs47.43; stoploss at Rs65.00.

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