FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (March 31, 2022)

Karachi, March 31, 2022 (PPI-OT): KSE-100 still above the 30-DMA support

KSE-100 index witnessed a volatile session to close at 44,338, down 101 points. Volumes stood high at 344mn shares versus 269mn shares traded previously. Despite a negative closing, the index is trading above the 30-DMA that is currently at 44,126. Meanwhile, any upside will revisit yesterday’s high of 44,445 where a break above that will target 44,677 (50-DMA), followed by 45,060. The indicators are mixed, signalling no clear trading view. We recommend investors to stay ‘long’ above the 30-DMA. The support and resistance are at 44,060 and 44,530, respectively.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs269.01 and Rs271.96; stoploss at Rs262.91.

SNGP: A steady uptrend to continue

Strategy: ‘Buy on dips’ – targeting Rs32.64 and Rs33.16; stoploss at Rs30.62.