JS Securities Limited – Pakistan Market: Technical Outlook (November 24, 2022)
Karachi, November 24, 2022 (PPI-OT): KSE-100; Expected to trade range bound
Range bound activity continued for the KSE-100 index as it closed at 42,880 level, down 48 points DoD. Volumes stood at 139mn shares versus 196mn shares traded previously. The index is consolidating just below its 200-DMA where we believe, an upside break will target 43,120 which could later extend to the 43,634 level. However, any downside will find support in the range of 42,600 to 42,800 levels where a fall below will initiate a corrective trend with 42,235 and 41,936 as the downside targets. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 42,767 and 43,017 levels.
SNGP: Engulfing Bear
Strategy: ‘Sell on Strength’ – targeting Rs37.68 and Rs35.32; stoploss at Rs41.00.
ENGRO: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs266.50 and Rs270.48; stoploss at Rs259.30.