FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (July 07, 2022)

Karachi, July 07, 2022 (PPI-OT): KSE-100; Trading in range – wait for dips

KSE-100 index opened on a positive note and remained firm throughout the session. The index after making a high of 41,335, slid to close at 41,160 level, gaining 57 points DoD. However, volumes improved slightly and were recorded at 98mn shares versus 77mn shares traded previously. The index is expected to re-test resistance at 41,335 where a break above that will extend the gain towards the 30-DMA at 41,859. However, any fall below 41,103 will target the key support at 40,600. The indicators are mixed, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 41,063 and 41,295, respectively.

BOP: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs5.61 and Rs5.87; stoploss at Rs5.41.

PSO: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs166.33 and Rs165.08; stoploss at Rs170.45.