JS Securities Limited – Pakistan Market: Technical Outlook(17 -03 -2023)

Karachi, March 17, 2023 (PPI-OT): KSE-100 expected to test support at 200-DMA

KSE-100 index after making a high of 42,119 slid to close at 41,694, down 180 points DoD. Volumes stood at 235mn shares versus 233mn shares traded previously. The index is likely to re-test support at 41,640 where a fall below this level will target the 200-DMA at 41,450. However, any upside will face resistance at 42,119 where a break above that will continue the upward trend with 42,292 and 42,568 as the upside targets. The indicators are mixed, signalling no clear trading view. We recommend investors to stay ‘long’ above the 200-DMA. The support and resistance are at 41,516 and 41,996 points, respectively.

PPL: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs67.68 and Rs65.87; stoploss at Rs72.27.

HCAR: Buy signal generated

Strategy: ‘Buy on dips’ – targeting Rs123.40 and Rs127.57; stoploss at Rs116.21.