JS Securities Limited – Pakistan Market: Technical Outlook (25 May 2023)

Karachi, May 25, 2023 (PPI-OT): KSE-100; Consolidation likely

KSE-100 index close the session up by 18 points DoD at 41,117. Volumes stood at 101mn shares versus 91mn shares traded previously. The index is expected to test resistance between 41,175-41,370 levels where a break above will extend the gain towards 41,711. Meanwhile, the 50-DMA will provide support at 40,974 level as a fall below the said level will suspend the bullish view. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,007 and 41,285 points, respectively.

PPL: Recovery expected

Strategy: 'Buy on dips' - targeting Rs60.63 and Rs62.25; stoploss at Rs58.05.

HCAR: Recovery trend intact

Strategy: 'Buy on dips' - targeting Rs108.98 and Rs111.59; stoploss at Rs103.52.