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JS Securities Limited – Pakistan Market: Technical Outlook (November 17, 2022)

Karachi, November 17, 2022 (PPI-OT): KSE-100 just above its 200-DMA; ‘Buy on dips’

Range bound activity continued for the KSE-100 index as it closed at 42,984, up 187 points DoD. Volumes stood at 187mn shares versus 189mn shares traded previously. The index has closed above the 200-DMA and is expected to re-test resistance at 43,098 where a break above that will continue the uptrend with 43,634 and 44,229 as the next targets. However, any downside will find support at 42,729 where a fall below that will initiate the corrective trend with 42,355 in sight. The RSI and the MACD have improved, supporting a positive view. JS Securities Limited recommends investors to ‘Buy on dips’, with risk defined below 42,729. The support and resistance are at 42,775 and 43,145 levels, respectively.

ENGRO: Closed above 200-DMA

Strategy: ‘Buy on dips’ – targeting Rs269.41 and Rs274.62; stoploss at Rs256.88.

ATRL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs165.64 and Rs158.67; stoploss at Rs175.25.