JS Securities Limited – Pakistan Market: Technical Outlook
Karachi, January 15, 2018 (PPI-OT):KSE-100 – Corrective trend ahead; ‘Sell on Strength’
The KSE-100 index extended the decline to close at 42,934 (-462 points). Volumes stood at 239mn shares as compared to 319mn shares traded previously. The index is expected to revisit yesterday’s low of 42,754; where a fall below will open the way towards 42,395, followed by 41,511. However, any upside will face resistance in the range of 43,260-43,410; where a break above will refresh upward momentum. The RSI and the Stochastic Oscillator have generated a Sell signal, supporting a negative view. Investors are recommended to ‘Sell on Strength’, keeping stoploss above 43,436. The support and resistance are at 42,609 and 43,261, respectively.
OGDC – Corrective trend ahead
Strategy: ‘Sell on Strength’ – targeting Rs161.64; stoploss at Rs170.90.
MCB – Slide to continue
Strategy: ‘Sell on Strength’ – targeting Rs212.20; stoploss at Rs226.97.