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JS Securities Limited – Pakistan Market: Technical Outlook (November 22, 2022)

Karachi, November 22, 2022 (PPI-OT): KSE-100; Consolidation to continue

KSE-100 index witnessed range bound activity to close at 42,761, up 31 points. Volume stood low at 133mn shares versus 189mn shares traded previously. The index is likely to re-test resistance at 42,913 (200-DMA) where a break above that will cause the uptrend to resume with 43,120 and 43,634 in sight. However, any downside will find support in the range of 42,600-42,665 where a fall below that will extend the decline towards the 30-DMA at 42,187, followed by the 50-DMA at 41,897. The indicators are mixed, signalling no clear trading view. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 42,665 and 42,855 levels, respectively.

OGDC: Limited downside risk

Strategy: ‘Buy on dips’ – targeting Rs78.65 and Rs81.02; stoploss at Rs73.52.

HCAR: Recovery trend intact

Strategy: ‘Buy on dips’ – targeting Rs170.02 and Rs174.18; stoploss at Rs163.00.