JS Securities Limited – Pakistan Market: Technical Outlook (28 -03 -2023)

Karachi, March 28, 2023 (PPI-OT): KSE-100; A short term consolidation expected

KSE-100 index witnessed a range bound activity to close at 40,000 level, up 58 points compared to the previous session. Volumes stood at 65mn shares versus 47mn shares traded previously. The index is expected to consolidate at current levels. Meanwhile, a fall below 39,845 will continue the downtrend with 39,496 and 39,166 in sight. However, any upside will face resistance in the range of 40,090-40,200 levels where a break above that will target the 50-DMA at the 40,727 level. The indicators are mixed, signalling no clear trading view. We recommend investors to ‘Sell on Strength’, with risk defined above 40,067. The support and resistance are at 39,875 and 40,096 points, respectively.

UBL: Trading above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs108.49 and Rs110.36; stoploss at Rs104.10.

PSO: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs109.02 and Rs103.37; stoploss at Rs116.70.