JS Securities Limited – Pakistan Market: Technical Outlook (September 12, 2022)

Karachi, September 12, 2022 (PPI-OT): KSE-100; Resistance at the 30-DMA

KSE-100 showed positive movement to close at 41,948, up 123 points DoD. Volumes stood at 147mn shares versus 109mn shares traded previously. The index is expected to test resistance at 42,220 (30-DMA) where a break above that will target 42,615, followed by 43,101. However, any downside will find support at the 50-DMA that currently stands at 41,755 level. The RSI and the Stochastic Oscillator are heading up, suggesting positive movement ahead. JS Securities Limited recommends investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 41,809 and 42,093, respectively.

MLCF: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs31.24; stoploss at Rs26.98.

HCAR: Closed above the 50-DMA

Strategy: ‘Buy on dips’ – targeting Rs186.16 and Rs198.00; stoploss at Rs174.47.