Brokerage

JS Securities Limited – Pakistan Market: Technical Outlook (13 July 23)

Web Desk Comments Off on JS Securities Limited – Pakistan Market: Technical Outlook (13 July 23)

Karachi, July 13, 2023 (PPI-OT): KSE-100; Indicators are overbought - stay cautious

Bulls dominated for another session as KSE-100 index closed up by 359 points at 45,515 level. Volumes stood at 450mn shares versus 555mn shares traded previously. The index is expected to revisit yesterday's high of 45,582 where a break above this level will extend the gain towards 46,201 level. However, any downside will find support in the range of 45,200-45,435. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. Investors are recommended to stay cautious on the higher side and wait for dips. The support and resistance are at 45,283 and 45,665 points, respectively.

ENGRO: Downside target remains intact

Strategy: 'Sell on Strength' - targeting Rs263.94 and Rs260.30; stoploss at Rs270.09.

PPL: Upside to continue

Strategy: 'Buy on dips' - targeting Rs72.22 and Rs74.14; stoploss at Rs68.41.

Web Desk
http://businessnewspakistan.com

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