JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, March 27, 2019 (PPI-OT):KSE-100 – Recovery expected; ‘Buy’ above 38,373

The KSE-100 index showed positive movement to close at 38,329, up 200 points. Volumes stood at 86mn shares versus 56mn shares traded previously. The index is expected to revisit yesterday’s high of 38,373; where a break above will kick off the upward correction with 39,277 as the recovery target. However, any downside will find support at 38,040 (yesterday’s low); where a fall below will extend the decline towards 37,330. The RSI and the Stochastic Oscillator have moved up, suggesting a recovery trend ahead. JS Securities Limited recommends investors to ‘Buy’ above 38,373. The support and resistance are at 38,160 and 38,499, respectively.

FFC: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs99.26; stoploss at Rs106.63.

SNGP: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs74.98; stoploss at Rs67.70.

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