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

Karachi, September 22, 2022 (PPI-OT): KSE-100; Slide to continue

KSE-100 index continued its declining trend to close at 40,966, down 255 points DOD. Volumes stood at 170mn shares versus 157mn shares traded previously. The index is expected to re-test support at 40,872 where a fall below that will target 40,670 which could later extend to 39,540.

However, the initial resistance lies in the range of 41,250-41,360 where a break above this range will target the 50-DMA at 41,782. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to view any upside as an opportunity to ‘Sell’, with risk defined above 50-DMA. The support and resistance are at 40,772 and 41,258 levels, respectively.

ATRL: Downside likely

Strategy: ‘Sell on Strength’ – targeting Rs130.00; stoploss at Rs147.64.

ENGRO: Recovery trend remains intact

Strategy: ‘Buy on dips’ – targeting Rs240.01 and Rs241.29; stoploss at Rs230.00.

js-securities-limited-pakistan-market-technical-outlook-september-22-2022

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