JS Securities Limited – Pakistan Market: Technical Outlook (29-06-2020)

Karachi, June 29, 2020 (PPI-OT): KSE-100; Consolidation to continue

Range bound activity continued for the KSE-100 index as it closed at 33,939, up 230 points. Volumes stood at 198mn shares versus 168mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that are standing at 33,552 and 34,076, respectively. A break above or below is needed for a directional move. Meanwhile, the indicators are mixed, signaling no clear trading view. Investors are recommended to stay sellers below the 30-DMA. The support and resistance are at 33,792 and 34,087, respectively.

LOTCHEM: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs10.85 and Rs12.47; stoploss at Rs9.91.

OGDC: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs105.76; stoploss at Rs111.35.

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