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JS Securities Limited – Pakistan Market: Technical Outlook (11 July 2023)

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Karachi, July 11, 2023 (PPI-OT): KSE-100; Upside to continue

Bulls continued to dominate the session as KSE-100 index gained 378 points to close at 44,585 level. Volumes stood at 440mn shares versus 248mn shares traded previously. If the gain continues, the initial target will be at 45,024 which may be further rise to 45,613 level. However, any downside will find support in the range of 44,140-44,365 levels. The RSI and the MACD are rising, supporting a positive view. Investors are recommended to 'Buy on dips', keeping stoploss below 44,087 level. The support and resistance are at 44,363 and 44,705 points, respectively.

SNGP: Trendline breakout

Strategy: 'Buy on dips' - targeting Rs45.41 and Rs46.48; stoploss at Rs43.21.

ISL: 200-DMA breakout confirmation

Strategy: 'Buy on dips' - targeting Rs50.59 and Rs53.87; stoploss at Rs45.23.

Web Desk
http://businessnewspakistan.com

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