Brokerage

JS Securities Limited – Pakistan Market: Technical Outlook (10 August 2023)

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Karachi, August 10, 2023 (PPI-OT): KSE-100 likely to resume the uptrend

KSE-100 index after making a low of 47,262 rebounded to close at 48,228, up 798 points DoD. Volumes stood at 312mn shares versus 336mn shares traded previously. The index is likely to re-test resistance at 48,335 where a break above that will resume the uptrend with an upside target of 49,405. However, any downside will find support in the range of 47,550-47,950 levels. The indicators are mixed, signalling no clear trading view. Investors are recommended to 'Buy' above 48,335 level. The support and resistance are at 47,548 and 48,620 levels, respectively.

OGDC: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs105.58 and Rs111.50; stoploss at Rs101.85.

MLCF: Correction completed

Strategy: 'Buy on dips' - targeting Rs32.89 and Rs34.60; stoploss at Rs31.12.

Web Desk
http://businessnewspakistan.com

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