Karachi, The benchmark KSE-100 index recorded another negative session, closing at 49,431 with a decline of 100 points, as detailed in the technical outlook from JS Securities Limited. Trading volumes registered at 333 million shares, showing a decrease from the 368 million shares in the prior session. Technical indicators reveal a forthcoming corrective trend with targets set at 49,111 and 48,551. On the upside, resistance is expected between 49,510-49,660 levels, and then at 50,017. The RSI has shown a downward trajectory and the Stochastic Oscillator signals a sell, further emphasizing the corrective stance. The established support and resistance levels stand at 49,296 and 49,653, respectively, and investors are advised to proceed with caution at these levels.
Additionally, SNGP shows signs of ongoing correction with a "Sell on Strength" strategy, setting targets at Rs46.02 and Rs45.31, with a stop loss positioned at Rs49.00. Similarly, MLCF is identified as an "Engulfing Bear" with a "Sell on Strength" strategy, targeting Rs33.57 and Rs32.38, and a stop loss set at Rs35.80.