FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (23 May 2023)

Karachi, May 23, 2023 (PPI-OT): KSE-100 fall below the 200-DMA; stay cautious

KSE-100 index showed negative movement to close at 41,195, down 404 points DoD. Volumes stood at 98mn shares versus 120mn shares traded previously. The index has closed below its 200-DMA that will now restrict upside at 41,365. However, the downside seems to be limited between 50-DMA and 30-DMA that currently stands at 40,985 and 41,045 levels, respectively. The RSI and the MACD have shown weakness, warranting a cautious stance. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,004 and 41,538 points, respectively.

ENGRO: Moving up steadily

Strategy: 'Buy on dips' - targeting Rs276.57 and Rs281.78; stoploss at Rs270.00.

PPL: Engulfing Bear - A reversal formation

Strategy: 'Buy on dips' - targeting Rs62.73 and Rs64.06; stoploss at Rs58.15.