JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, July 19, 2019 (PPI-OT): KSE-100; Slide to continue with 31,540 in sight

Bears continued to dominate the session as the KSE-100 index lost 672 points to close at 32,310. Volumes stood low at 87mn shares versus 112mn shares traded previously. The index is expected to revisit yesterday’s low of 32,224 where a drop below will extend the decline towards 31,540, which could later extend to 30,825. However, any upside is likely to face resistance in the range of 32,515-32,760. The RSI and the MACD have shown weakness, supporting a negative view. Investors are recommended to ‘Sell on Strength’, with risk defined above 32,760. The support and resistance are at 32,001 and 32,621, respectively.

ENGRO: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs249.56 and Rs243.11; stoploss at Rs265.25.

DGKC: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs42.62 and Rs40.71; stoploss at Rs46.55.

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JS Securities Limited – Pakistan Market: Technical Outlook

Karachi, July 19, 2019 (PPI-OT): KSE-100; Slide to continue with 31,540 in sight

Bears continued to dominate the session as the KSE-100 index lost 672 points to close at 32,310. Volumes stood low at 87mn shares versus 112mn shares traded previously. The index is expected to revisit yesterday’s low of 32,224 where a drop below will extend the decline towards 31,540, which could later extend to 30,825. However, any upside is likely to face resistance in the range of 32,515-32,760. The RSI and the MACD have shown weakness, supporting a negative view. Investors are recommended to ‘Sell on Strength’, with risk defined above 32,760. The support and resistance are at 32,001 and 32,621, respectively.

ENGRO: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs249.56 and Rs243.11; stoploss at Rs265.25.

DGKC: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs42.62 and Rs40.71; stoploss at Rs46.55.

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