Printer Friendly

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.

COPYRIGHT 2019 Knowledge Bylanes
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PPI - Pakistan Press International
Date:Aug 9, 2019
Words:207
Previous Article:IGI Securities Limited - Investor Kit - Top News.
Next Article:Pakistan Stock Exchange Limited Closing Rate Summary Dated 09-08-2019 - Press Release issued by Pakistan Stock Exchange Limited.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters