JS Securities Limited – Pakistan Market: Technical Outlook
Karachi, January 17, 2018 (PPI-OT):Consolidation likely; stop selling above 43,143
The KSE-100 index posted a gain of 592 points to close at 42,940. Volumes stood high at 161mn shares versus 130mn shares traded previously. The index is expected to revisit yesterday’s high of 43,143; where a break above will resume the uptrend with 44,344 as the next target. However, any downside will find support at 42,324; where a fall below will continue the corrective trend with 41,511 and 40,796 in sight. The RSI has improved, while the MACD is heading down, supporting a neutral view. JS Securities Limited recommends investors to stop selling above 43,143. The support and resistance are at 42,563 and 43,319, respectively.
ATRL – Upside restricted at the 30-DMA
Strategy: ‘Sell on Strength’ – targeting Rs230.28; stoploss at Rs248.85.
LUCK – Upside likely
Strategy: ‘Buy on dips’ – targeting Rs678.84; stoploss at Rs580.00.