FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (17-06-2021)

Karachi, June 17, 2021 (PPI-OT): KSE-100 expected to target 46,937

The KSE-100 index extended the decline to close at 48,481, down 152 points. Volumes stood at 937mn shares versus 1,225mn shares traded previously. The index is expected to continue the corrective trend with 46,937 as the downside target. However, any upside will face resistance in the range of 48,590-48,880 where a break above will resume the uptrend. The MACD has moved down and the RSI has generated a Sell signal, supporting the corrective view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 48,878. The support and resistance are at 48,315 and 48,762, respectively.

OGDC: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs95.46 and Rs93.66; stoploss at Rs102.70.

DGKC: Engulfing Bear

Strategy: ‘Sell on Strength’ – targeting Rs121.02; stoploss at Rs131.44.