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JS Securities Limited – Pakistan Market: Technical Outlook (July 29, 2022)

Karachi, July 29, 2022 (PPI-OT): KSE-100 expected to re-test the key resistance level

KSE-100 index after making a high of 40,624 slid to close at 40,277, up 304 points DoD. Volumes improved to 251mn shares from 122mn shares traded previously. The index is expected to revisit yesterday’s high of 40,624 where a break above that will target 41,020, followed by 41,369. However, any downside will find support in the range of 39,950-40,015 levels. The RSI and the Stochastic Oscillator are heading up, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 39,973. The support and resistance are at 39,958 and 40,609, respectively.

HBL: Recovery to continue

Strategy: ‘Buy on dips’ – targeting Rs91.43; stoploss at Rs84.05.

OGDC: Moving averages to restrict downside

Strategy: ‘Buy on dips’ – targeting Rs83.98 and Rs88.88; stoploss at Rs79.41.

js-securities-limited-pakistan-market-technical-outlook-july-29-2022

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