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JS Securities Limited – Pakistan Market: Technical Outlook (20-June-2023)

Web Desk Comments Off on JS Securities Limited – Pakistan Market: Technical Outlook (20-June-2023)

Karachi, June 20, 2023 (PPI-OT): KSE-100 fall below 50-DMA and 200-DMA; Negative

KSE-100 index witnessed another negative session to close at 40,621, down 680 points DoD. Volumes stood at 180mn shares versus 156mn shares traded previously. The index has dropped below the 50-DMA and the 200-DMA that will now restrict upside at 41,200 and 41,235 levels, respectively.

Meanwhile, any downside will re-test support at 40,610 (yesterday's low) where a fall below the said level will target 40,201, followed by 39,841. The RSI and the MACD are heading down, supporting a bearish view. We recommend investors to 'Sell' on the higher side, with risk defined above the 200-DMA. The support and resistance are at 40,326 and 41,200 points, respectively.

PPL: Slide to continue

Strategy: 'Sell on Strength' - targeting Rs54.21 and Rs52.68; stop loss at Rs58.98.

HBL: Upside target remains intact

Strategy: 'Buy on dips' - targeting Rs71.88 and Rs73.01; stop loss at Rs67.90.

Web Desk
http://businessnewspakistan.com

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