JS Securities Limited - Pakistan Market: Technical Outlook.
Karachi -- August 09, 2019 (PPI-OT)
KSE-100; Pull back inside the band likely
The KSE-100 index posted a loss of 539 points to close at 29,738. Volumes stood at 109mn shares versus 65mn shares traded previously. The index is expected to revisit yesterday's low of 29,400 where a fall below will continue the downtrend with 28,956 and 28,168 as the next targets. However, any upside will face resistance in the range of 29,805-30,185 where a break above will kick off the upward correction. Meanwhile, the index is trading below the lower Bollinger Band and the momentum indicators are oversold, hinting a short term recovery cannot be ruled out. We recommend investors to stop selling above 30,182. The support and resistance are at 29,301 and 30,182, respectively.
ATRL: Recovery to continue
Strategy: 'Buy on dips' - targeting Rs71.23; stoploss at Rs64.10.
ENGRO: Downside likely
Strategy: 'Sell on Strength' - targeting Rs231.81; stoploss at Rs246.50.
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|Publication:||PPI - Pakistan Press International|
|Date:||Aug 9, 2019|
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