FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (December 06, 2022)

Karachi, December 06, 2022 (PPI-OT): KSE-100 dropped below the 50-DMA; stay cautious

Bears continued to dominate the session as the KSE-100 index lost 537 points to close at 41,613. Volumes stood at 126mn shares versus 143mn shares traded previously. The index has dropped below the 50-DMA and is expected to re-test support at 41,515 where a drop below that will target 41,115, followed by 40,350. However, any upside will face resistance at 42,098 (50-DMA), followed by the 30-DMA at the 42,321 level. Meanwhile, the RSI and the MACD have continued to decline, suggesting a negative trend ahead. JS Securities Limited recommends investors to ‘Sell’ below 41,515. The support and resistance are at 41,335 and 42,069 points, respectively.

HCAR: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs162.67 and Rs170.10; stoploss at Rs149.00.

MLCF: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs22.71; stoploss at Rs24.50.