JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, March 14, 2019 (PPI-OT): Consolidation likely; Stop selling above 39,061

The KSE-100 index witnessed a range bound session to close at 38,929, up 32 points. Volumes stood dull at 94mn shares versus 90mn shares traded previously. The index is expected to revisit yesterday’s high of 39,061; where a break above will target the 50-DMA at 39,722, followed by 40,019. However, a fall below 38,829 (yesterday’s low) will extend the decline towards 38,333. The indicators are mixed, signalling no clear trading view. Investors are recommended to stop selling above 39,061. The support and resistance are at 38,791 and 39,067, respectively.

ABL: Short and medium term moving averages to restrict upside

Strategy: ‘Sell on Strength’ – targeting Rs103.92; stoploss at Rs110.88.

LUCK: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs443.86; stoploss at Rs466.00.

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