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JS Securities Limited – Pakistan Market: Technical Outlook (January 24, 2023)

Karachi, January 24, 2023 (PPI-OT): KSE-100; Consolidation to continue

PSX witnessed a volatile session to close at 38,444 (+36 points) compared to the previous session. Volumes stood dull at 81mn shares versus 93mn shares traded previously. The index is expected to revisit yesterday’s low of 38,136 where a fall below that will extend the decline towards 37,674, followed by 36,836. However, any upside will face resistance in the range of 38,610-38,800. The RSI has improved, while, the MACD is moving down, signalling no clear trading view. We recommend investors to stay cautious at these levels. The support and resistance are at 38,202 and 38,619 points, respectively.

OGDC: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs83.07 and Rs89.20; stoploss at Rs79.51.

DGKC: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs43.51 and Rs45.30; stoploss at Rs40.61.