FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (May 13, 2022)

Karachi, May 13, 2022 (PPI-OT): KSE-100; A short term recovery expected

KSE-100 index after making a low of 42,273 recovered to close at 42,898, up 35 points DoD. Volumes stood at 285mn shares versus 339mn shares traded previously. A long lower shadow has occurred in a downtrend which is considered as a bullish reversal. The recovery target is at 43,382 which could later extend to 44,067. However, any downside will find initial support at 42,735, followed by 42,270-42,390 levels. We suggest investors to ‘Buy’ for trading gains, with risk defined below 42,273. The support and resistance are at 42,437 and 43,196, respectively.

ENGRO: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs261.00; stoploss at Rs273.13.

DGKC: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs62.98 and Rs67.72; stoploss at Rs55.31.