Pakistan Market: Technical Outlook

November 13, 2023 (JS Research)

KSE-100 closed above the 55k level; 'Positive'

Bulls continued to dominate the session as KSE-100 index gained 1,130 points to close at 55,391. Volumes improved to 641mn shares from 483mn shares traded previously. The index is expected to revisit Friday's high of 55,506 where a break above that will target 55,684, followed by 56,238. However, any downside will find support in the range of 54,670-55,090 levels. The indicators are overbought and the index is trading above the Upper Bollinger band, hence, a short-term fall back inside the band is likely. Investors are recommended to view any downside as an opportunity to 'Buy', with risk defined below the 54,673 level. The support and resistance levels are at 54,673 and 55,808, respectively.

Source: (JS Research)