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Brokerage

JS Securities Limited – Pakistan Market: Technical Outlook (November 18, 2022)

Karachi, November 18, 2022 (PPI-OT): KSE-100; An Engulfing Bear – stay cautious

KSE-100 index witnessed a negative session to close at the 42,820, down 164 points. Volumes stood at 181mn shares versus 187mn shares traded previously. The index is likely to face resistance at 42,936 (200-DMA), followed by 43,120 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 in the range of 42,730-42,770 where a fall below that will initiate a corrective trend with 42,355 in sight. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious at current levels. The support and resistance are at 42,693 and 43,023 levels, respectively.

SNGP: Engulfing Bear with RSI generating a Sell signal

Strategy: ‘Sell on Strength’ – targeting Rs36.91 and Rs34.84; stoploss at Rs40.25.

ATRL: Correction to continue

Strategy: ‘Sell on Strength’ – targeting Rs166.34 and Rs158.88; stoploss at Rs172.69.

js-securities-limited-pakistan-market-technical-outlook-november-18-2022

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