JS Securities Limited – Pakistan Market: Technical Outlook
Web Desk
Karachi, January 10, 2018 (PPI-OT):KSE-100 – Corrective trend ahead; ‘Sell’ below 42,567
The KSE-100 index adjusted its previous gains to close at 42,814, down 298 points. Volumes stood at 225mn shares versus 271mn shares traded previously. The index is expected to revisit yesterday’s low of 42,567; where a fall below will kick off the corrective trend with 41,961 and 41,160 in sight. However, a break above yesterday’s high will invalidate the above view and the uptrend will continue with 43,441 and 44,006 as the next targets. Meanwhile, the RSI and the Stochastic Oscillator have moved down, suggesting a corrective trend ahead. JS Securities Limited recommends investors to ‘Sell’ below 42,567. The support and resistance are at 42,438 and 43,194, respectively.
FFC – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs94.75 and Rs98.86; stoploss at Rs89.00.
NML – Positive trend remains intact
Strategy: ‘Buy on dips’ – targeting Rs171.14 and Rs175.60; stoploss at Rs160.00.
