JS Securities Limited – Pakistan Market: Technical Outlook (22-10-2020)
Karachi, October 22, 2020 (PPI-OT): KSE-100 index closed above the 50-DMA; ‘Positive’
The KSE-100 index showed positive movement to close at 41,536 (+579 points). Volumes stood at 661mn shares versus 493mn shares traded previously. The index has closed above the 50-DMA that will now restrict downside at 41,022. Meanwhile, a break above 41,613 (yesterday’s high) will extend the gain towards 42,896. The RSI and the MACD have moved up, supporting a positive view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 41,124 and 41,780, respectively.
PPL: Upside to continue
Strategy: ‘Buy on dips’ – targeting Rs92.08 and Rs95.84; stoploss at Rs88.00.
ENGRO: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs324.76 and Rs330.87; stoploss at Rs304.39.
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