Pakistan Market: Technical Outlook September 22, 2022

KSE-
KSE-100; Slide to continue
KSE-100 index continued its declining trend to close at 40,966, down 255 points DoD.
Volumes stood at 170mn shares versus 157mn shares traded previously. The index is
expected to re-test support at 40,872 where a fall below that will target 40,670 which could
later extend to 39,540. However, the initial resistance lies in the range of 41,250-41,360
where a break above this range will target the 50-DMA at 41,782. The RSI and the MACD
are moving down, supporting a bearish view. We recommend investors to view any upside
as an opportunity to ‘Sell’, with risk defined above 50-DMA. The support and resistance
are at 40,772 and 41,258 levels, respectively.

ATRL: Downside likely

Strategy: ‘Sell on Strength’ - targeting Rs130.00; stoploss at Rs147.64.
ENGRO: Recovery trend remains intact
Strategy: ‘Buy on dips’ - targeting Rs240.01 & Rs241.29; stoploss at Rs230.00.

Raheel Ashraf
raheel.ashraf@js.com
92 (21) 111-574-111 Ext. 3098

Symbol Strategy Close High Low S2 S1 PIVOT R1 R2 14-DRSI 30-DMA 50-DMA 200-DMA
KSE-100 40,965.58 41,357.75 40,871.82 40,579.12 40,772.35 41,065.05 41,258.28 41,550.98 32.89 42,395.20 41,782.04 43,459.97
OGDC Stop selling above 73.37 72.50 76.50 71.12 67.99 70.25 73.37 75.63 78.75 21.58 81.65 81.43 83.56
PPL Stop selling above 60.95 59.92 60.95 59.00 58.01 58.96 59.96 60.91 61.91 20.34 68.61 68.85 73.65
ATRL Sell on Strength; target 130.00 141.82 147.10 140.00 135.87 138.85 142.97 145.95 150.07 31.24 157.30 152.51 147.64
PSO Sell on Strength; stoploss 164.98 162.28 164.98 162.00 160.11 161.19 163.09 164.17 166.07 29.66 176.03 175.76 173.43
SNGP Sell on Strength; stoploss 200-DMA 31.36 32.87 30.60 29.34 30.35 31.61 32.62 33.88 30.47 33.88 34.10 33.04
ENGRO Buy on dips; stoploss 230.00 233.02 234.00 230.00 228.34 230.68 232.34 234.68 236.34 42.34 240.01 241.29 263.26
DGKC Sell below 58.00 58.17 59.45 58.00 57.09 57.63 58.54 59.08 59.99 42.59 60.90 58.90 66.95
MLCF Stay long above 50-DMA 27.37 28.10 27.30 26.79 27.08 27.59 27.88 28.39 44.57 28.23 27.21 30.97
HBL Buy above 83.00 81.91 83.00 81.38 80.48 81.19 82.10 82.81 83.72 25.58 90.09 89.24 106.11
UBL Sell below 115.15 115.63 117.24 115.15 113.92 114.77 116.01 116.86 118.10 45.92 117.41 115.55 130.87
BOP Sell on Strength; stoploss 5.45 5.30 5.45 5.28 5.17 5.24 5.34 5.41 5.51 29.90 5.72 5.58 6.87
HCAR Stay long above 50-DMA 174.79 177.49 173.00 170.60 172.70 175.09 177.19 179.58 49.38 177.38 172.81 193.08
ISL Buy above 55.90 53.92 55.90 52.51 50.72 52.32 54.11 55.71 57.50 31.65 59.13 57.96 61.62

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