FLASHNEWS:

JS Securities Limited – Pakistan Market: Technical Outlook (September 07, 2022)

Karachi, September 07, 2022 (PPI-OT): KSE-100 expected to test resistance at the 30-DMA

KSE-100 index witnessed a volatile session to close almost flat at 41,860. Volumes stood high at 187mn shares during the day versus 157mn shares traded previously. The index is expected to test resistance at the 30-DMA that is currently at 42,025 where a break above that level will cause the uptrend to resume with 42,615 and 43,101 as upside targets. However, any downside will find support in the range of 41,680-41,770 where a fall below that will drive KSE-100 towards a target of 41,400. The indicators are mixed, signalling no clear trading view. JS Securities Limited recommends investors to stay cautious on the higher side and wait for dips. JS Securities Limited also highlight support and resistance are at 41,720 and 41,963, respectively.

ENGRO: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs228.00 and Rs220.21; stoploss at Rs235.99.

BOP: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs5.57; stoploss at Rs5.84.