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JS Securities Limited – Pakistan Market: Technical Outlook (January 20, 2023)

Karachi, January 20, 2023 (PPI-OT): KSE-100; Recovery trend remains intact

Recovery movement continued for the KSE-100 index as it gained 40 points DoD to close at 38,832. Volumes stood at 158mn shares versus 153mn shares traded previously. The initial target seems to be at 39,389, which could later extend to 40,089. However, any downside will find support in the range of 38,540-38,690, followed by 38,258. The RSI has moved up and the Stochastic Oscillator has also generated a Buy signal, supporting the recovery view. JS Securities Limited recommends investors to ‘Buy’ for trading gains, keeping stop-loss below 38,540. The support and resistance are at 38,686 and 39,020 points, respectively.

PSO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs139.34 and Rs143.17; stoploss at Rs128.00.

DGKC: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs43.74 and Rs45.41; stoploss at Rs42.21.