Karachi, March 27, 2023 (PPI-OT): KSE-100 below its lower Bollinger Band; Pullback likely

KSE-100 index witnessed another negative session to close at the 39,942 level, down 434 points. Volume stood dull at 47mn shares versus 148mn shares traded previously. The next target is established at 39,496, followed by 39,166. However, any upside will face resistance in the range of 40,100-40,280 points. The RSI and the MACD are moving downward, supporting a bearish view. However, a short term pullback inside the band cannot be ruled out. JS Securities Limited recommends investors to ‘Sell on Strength’, keeping stop-loss above 40,441. The support and resistance are at 39,763 and 40,280 points, respectively.

SNGP: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs37.83 and Rs36.84; stoploss at Rs40.61.

PSO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs114.67 and Rs109.02; stoploss at Rs118.35.