JS Securities Limited – Pakistan Market: Technical Outlook (30 May 2023)

Karachi, May 30, 2023 (PPI-OT): KSE-100 closed above the 30-DMA; 'Positive'

KSE-100 showed positive movement to close at 41,340, up 376 points. Volumes improved to 346mn shares from 168mn shares traded previously. The index has closed above the 30-DMA and is likely to re-test resistance at 41,346 (200-DMA). A break above the said level will target yesterday's high of 41,649, followed by the 42,110 level, however, any downside will find support at 41,242 (30-DMA). The RSI and the Stochastic Oscillator have moved up, supporting a positive view. JS Securities Limited recommends investors to 'Buy on dips', with risk defined below the 30-DMA. The support and resistance are at 41,014 and 41,658 levels, respectively.

ATRL: Rebounded from 200-DMA

Strategy: 'Buy on dips' - targeting Rs164.66 and Rs167.54; stoploss at Rs160.00.

OGDC: Recovery expected

Strategy: 'Buy on dips' - targeting Rs77.67 and Rs80.25; stoploss at Rs74.10.