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JS Securities Limited – Pakistan Market: Technical Outlook (November 21, 2022)

Karachi, November 21, 2022 (PPI-OT): KSE-100; Correction to continue

Bears continued to dominate the session as KSE-100 index lost 89 points to close at 42,730 level. Volumes stood at 189mn shares versus 181mn shares traded previously. KSE-100 is likely to revisit Friday’s low of 42,601 where a fall below that will extend the decline towards 42,355 which could later extend to the 50-DMA that currently stands at 41,881. However, any upside will face resistance at 42,820, followed by the 200-DMA at 42,925 where a break above this level will cause the uptrend to resume. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. The support and resistance are at 42,614 and 42,833 levels, respectively.

SNGP: Downside target remains intact

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

HCAR: Recovery expected

Strategy: ‘Buy on dips’ – targeting Rs170.74 and Rs174.47; stoploss at Rs163.25.

js-securities-limited-pakistan-market-technical-outlook-november-21-2022

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