Karachi, January 18, 2023 (PPI-OT): KSE-100 fall below its recent low; stay cautious

Another session dominated by the bears as KSE-100 index fell sharply to close at the 38,342 level, down 1,379 points DoD. Volumes stood at 206mn shares versus 106mn shares traded previously. The index is likely to re-test support at 38,288 where a fall below that will target 38,191 which could later extend to 37,674. However, any upside will face resistance in the range of 38,510-38,860 levels. The RSI and the MACD have continued to decline, supporting a bearish view. JS Securities Limited recommends investors to ‘Sell’ on the higher side, with risk defined above 38,857. The support and resistance are at 37,773 and 39,427 points, respectively.

OGDC: Dropped below key averages

Strategy: ‘Sell on Strength’ – targeting Rs69.00; stoploss at Rs76.52.

PSO: Downside target remains intact

Strategy: ‘Sell on Strength’ – targeting Rs122.30; stoploss at Rs131.41.