JS Securities Limited – Pakistan Market: Technical Outlook
Karachi, January 01, 2018 (PPI-OT):KSE-100 – Upside likely with 41,046 as the next target
The KSE-100 index posted a gain of 100 points to close at 40,471. Volumes stood almost flat at 241mn shares. The index has formed a higher high and higher low that indicates potential for further upside. A break above Friday’s high will open the way towards 41,046, however, any downside will find support at the 50-DMA that stands at 40,171. Meanwhile, the RSI and the MACD are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below the 50-DMA. The support and resistance are at 40,255 and 40,689, respectively.
FFBL – Restricted downside
Strategy: ‘Buy on dips’ – targeting Rs38.06 and Rs39.14; stoploss at Rs34.25.
PPL – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs213.92 and Rs217.32; stoploss at Rs201.00.