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Karachi, September 07, 2023 (PPI-OT): KSE-100: Resistance continued at the 50-DMA
KSE-100 index witnessed range-bound activity to close at the 45,757 level, down 50 points DoD. Volumes stood at 177mn shares versus 140mn shares traded previously. The index is still trading below its 50-DMA which will likely restrict upside at 46,154, however, a break above that will initiate a recovery move towards the 46,349 and 46,932 levels, respectively. Meanwhile, any downside will find support in the range of 45,500-45,705 levels where a fall below that will target the recent low of 44,460. The indicators are mixed, signalling no clear trading view. We recommend investors to stop selling above the 50-DMA level. The support and resistance are at 45,629 and 45,960 levels, respectively.
PSO: A steady uptrend to continue
Strategy: ‘Buy on dips’ – targeting Rs118.50 and Rs121.42; stoploss at Rs114.50.
SNGP: Gaining momentum
Strategy: ‘Buy on dips’ – targeting Rs44.21 and Rs45.24; stoploss at Rs41.43.
The post JS Securities Limited – Pakistan Market: Technical Outlook (07 Sep 2023) appeared first on Pakistan Business News.