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

Karachi, January 30, 2023 (PPI-OT): KSE-100; Expected to consolidate – stay ‘long’

KSE-100 index posted a loss of 396 points on Friday to close at 40,451. Volumes stood at 191mn shares versus 364mn shares traded previously. The index is likely to consolidate between the 30-DMA and the 50-DMA that currently stand at 39,955 and 40,804 levels, respectively. A break below the 30-DMA will initiate a corrective trend with 39,266 as the downside target, however, any rise above 40,804 will continue the upward trend towards the 200-DMA at 41,975 level. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay ‘long’ above the 30-DMA. The support and resistance are at 40,204 and 40,896 points, respectively.

ISL: Fall below 30-DMA

Strategy: ‘Sell on Strength’ – targeting Rs39.68 and Rs36.90; stoploss at Rs42.33.

ATRL: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs173.00 and Rs183.93; stoploss at Rs165.60.