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JS Securities Limited – Pakistan Market: Technical Outlook (26 June 20223)

Web Desk Comments Off on JS Securities Limited – Pakistan Market: Technical Outlook (26 June 20223)

Karachi, June 26, 2023 (PPI-OT): KSE-100 - A short term recovery is due

Downward movement continued for KSE-100 index as it lost 87 points to close at 40,065. Volumes stood at 137mn shares versus 116mn shares traded previously. The index is likely to re-test resistance at Friday's high of 40,236 where a break above the said level will initiate a recovery trend. Meanwhile, any downside will be tested in the range of 39,840-39,900 where a fall below that will target 39,259.

The index is trading below the lower Bollinger Band suggesting a recovery trend ahead. We recommend investors to Buy above 40,236. The support and resistance are at 39,895 and 40,236 points, respectively.

ATRL: Recovery to continue

Strategy: 'Buy on dips' - targeting Rs167.99 and Rs169.36; stoploss at Rs162.70.

SNGP: Engulfing Bull

Strategy: 'Buy on dips' - targeting Rs43.59 and Rs44.63; stoploss at Rs41.66.

Web Desk
http://businessnewspakistan.com

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