www.darson.com.

pk - UAN: 111 900 400

TECHNICAL OUTLOOK
Monday, January 15, 2024

VOL
Close S2 S1 PIVOT R1 R2 14-RSI 8-DEMA 21-DEMA 50-DSMA 100-DSMA 200-DSMA
(MN)
KSE-100 Index 64,637.6 402.3 63,962.7 64,300.2 64,828.5 65,166.0 65,694.3 60.1 64,239.5 63,521.3 61,093.7 54,399.0 48,665.4
69000
68000
0.0% 67000
66000
78.6%
65000
61.8% 64000
50.0% 63000

23.6% 62000

23.6% 61000
60000
59000
38.2%
58000
57000

50.0% 56000
55000
54000
61.8% 53000
52000
51000
50000
49000
48000
47000
46000
45000
100.0%
44000
43000
42000
41000

10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
x100000
21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 4 11 18 26 1 8 15 22
September October November December 2024

KSE-100 Face Rejection From (65,333);

The benchmark KSE-100 close 20 Pts. Positive with traded volume 402.3 million greater than previous volume bar, RSI noted
60 Pts. On hourly chart bourse opened with positive note post high of (65,356) and test low of (64,491) finally closed on
(64,637) moving ahead resistances would be 64,910, 65,055, 65,310 on flip side supports are 64,295, 63,875, 63,580.

On daily chart an average spread up bar close off the low with ascending volume relative to the volume histogram suggesting
supply overcoming demand or profit taking occurred on higher prices yet has neutral impact over price move, Bourse witness
spinning top candle rejected from prior top (65,333) moving forward price likely to test 8-DEMA(64,239) trading below will
drag price towards (63,875) followed by 21-DEMA(63,521) on flip side sustainability above (64,550) has potential to move
towards (64,910) followed by (65,055) saturation above (65,333) with ascending volume will open doors to test recent top
(67,093), Bourse developing bullish flag on daily chart which require breakout above (65,333) for extended move, Trade
cautiously bourse still in corrective wave B let it unfold pattern either regular or running flat, RSI attain 60 Pts. Consolidation
above will increase bullish volatility on flip side breach of 50 Pts. Will fade bullish momentum & Saturation below 40 Level will
call bears to control price move, Individual stocks perform according to their technical levels & sectoral behavior.

On weekly chart a narrow spread up bar close towards middle of the bar with descending volume suggesting no demand bar
appeared a sign of weakness to negate such scenario bourse must close positive weekly session ahead moving forwards
consolidation above (65,333) will ignite move towards recent top (67,093) on flip side breach of 64K will drag price towards
(63,580) followed by (62,725), weekly range could be (62,365 to 66,225).

Supports: 64,295, 64,025, 63,875, 63,580, 63,365, 63,025, 62,885, 62,590, 62,365, 62,085
Resistances: 64,910, 65,055, 65,310, 65,565, 65,855, 66.035, 66,300, 66,590, 66,880, 67,093

ATRL: Buy On Weakness With Stop Loss Below 329.70 Targets Are 336.40, 338.75, 341.15
OGDC: Buy On Weakness With Stop Loss Below 123.70 Targets Are 128.65, 129.75, 131.80
TREET: Buy On Weakness With Stop Loss Below 18.95 Targets Are 20.45, 20.90, 21.35
SEARL: Buy On Weakness With Stop Loss Below 53.40 Targets Are 56.65, 57.45, 58.35
GGL: Buy On Weakness With Stop Loss Below 10.10 Targets Are 11.60, 11.90, 12.25
SSGC: Buy On Weakness With Stop Loss Below 11.80 Targets Are 12.60, 12.85, 13.10
DGKC: Sell On Strength With Stop Loss Above 79.25 Targets Are 76.35, 75.80, 74.65
ASTL: Sell On Strength With Stop Loss Above 24.90 Targets Are 23.40, 23.00, 22.75
JSBL: Sell On Strength With Stop Loss Above 10.55 Targets Are 9.45, 9.15, 8.80
FFBL: Continue To Slide Trail Stop Loss Above 30.30 Targets Are 28.95, 28.45, 28.05

Notified Research Entity | DISCLAIMER - For important disclaimer and contact details, see the last page of the report Best Retail Brokerage 2020 Page No. 1
 www.darson.com.pk - UAN: 111 900 400

TECHNICAL OUTLOOK
VOL
Company Close S2 S1 PIVOT R1 R2 14-RSI 8-DEMA 21-DEMA 50-DSMA 100-DSMA 200-DSMA
(MN)
KSE-30 UNIVERSE
AUTOMOBILE ASSEMBLERS
Honda Atlas Cars (Pak) Ltd. 264.9 1.9 247.0 255.9 269.5 278.5 292.1 64.9 256.0 236.0 213.0 173.2 141.8
Millat Tractor Ltd. 580.1 0.1 573.0 576.5 581.5 585.0 590.0 48.0 582.6 586.0 567.1 505.7 490.9

COMMERCIAL BANKS
Bank Alfalah Ltd. 49.0 2.0 48.1 48.6 48.9 49.4 49.7 55.2 48.9 48.5 45.8 42.7 37.6
Bank Al-Habib Ltd. 82.3 0.5 81.2 81.8 82.3 82.9 83.4 57.5 82.1 80.9 76.0 63.5 54.7
Habib Bank Ltd. 118.5 1.6 116.8 117.6 118.3 119.1 119.8 57.3 116.7 115.8 110.4 103.2 90.9
MCB Bank Ltd. 175.4 0.3 170.8 173.1 175.8 178.1 180.8 53.4 175.5 174.7 167.3 151.9 137.5
National Bank Of Pakistan 32.2 0.4 31.5 31.9 32.2 32.5 32.8 48.6 32.3 32.6 30.9 26.8 24.1
United Bank Ltd. 180.2 0.3 178.4 179.3 180.9 181.8 183.4 54.6 180.2 179.0 173.7 161.3 142.8

CABLE & ELECTRIC

Pak Elektron Ltd. 23.7 9.7 23.1 23.4 23.8 24.1 24.6 59.6 23.5 22.6 19.7 15.2 12.9

CEMENT
D. G. Khan Cement Co. Ltd. 77.0 2.7 75.2 76.1 77.7 78.5 80.1 51.0 78.1 77.5 73.1 60.0 55.0
Fauji Cement Co Ltd. 19.7 7.6 19.0 19.3 19.8 20.1 20.5 57.0 19.5 19.2 18.1 14.9 13.5
Lucky Cement Ltd. 788.1 0.6 771.4 779.7 792.3 800.6 813.2 53.9 787.9 783.9 762.0 668.8 586.2

CHEMICALS
Engro Polymer & Chem. Ltd. 47.1 1.8 46.2 46.7 47.4 47.8 48.5 50.8 47.5 47.2 46.1 43.6 44.0

ENGINEERING
International Steels Ltd. 72.9 0.2 70.5 71.7 73.3 74.5 76.2 50.9 73.4 73.2 69.8 58.7 51.3

FERTILIZER
Engro Fertilizers Ltd. 123.2 4.2 119.3 121.3 123.0 124.9 126.6 71.9 120.1 115.0 105.5 93.3 88.4
Engro Corporation Ltd. 310.8 1.0 305.7 308.3 311.6 314.1 317.4 56.1 308.3 304.7 299.7 278.3 274.3
Fauji Fertilizer Co. Ltd. 118.0 1.0 116.9 117.4 118.5 119.0 120.1 57.8 118.0 116.3 112.3 104.6 102.2

OIL & GAS EXPLORATION

Mari Petroleum Co. Ltd. 2,319.3 0.2 2,199.8 2,259.5 2,319.8 2,379.5 2,439.7 72.2 2,177.2 2,100.0 1,924.5 1,751.9 1,650.7
Oil & Gas Dev. Company Ltd. 127.5 16.5 124.0 125.8 127.6 129.4 131.2 62.5 124.2 120.8 114.8 105.8 95.3
Pakistan Oilfields Ltd. 429.7 0.1 426.6 428.1 430.6 432.1 434.6 48.7 429.9 430.9 430.3 425.8 422.2
Pakistan Petroleum Ltd. 133.8 24.7 128.9 131.4 134.6 137.1 140.3 70.8 128.2 121.7 106.1 90.6 77.9

OIL & GAS MARKETING

Pakistan State Oil Co Ltd. 181.4 4.7 175.8 178.6 182.3 185.1 188.8 50.2 180.4 182.0 176.8 150.4 133.1
Sui North. Gas Pipe Line Ltd. 77.1 4.2 75.4 76.3 77.6 78.5 79.8 59.7 77.0 74.8 67.4 57.0 49.8
Sui South. Gas Co Ltd. 12.4 2.6 12.0 12.2 12.5 12.6 12.9 52.6 12.3 12.2 12.0 10.7 10.2

PHARMACEUTICAL
The Searle Company Ltd. 55.7 3.9 54.1 54.9 56.2 57.0 58.3 50.1 56.3 55.9 55.6 46.5 46.6

POWER GEN. & DIST.

Hub Power Company Ltd. 119.7 4.7 117.0 118.4 120.3 121.7 123.6 52.7 120.0 119.2 118.0 102.8 88.0
Kot Addu Power Co. Ltd. 29.4 0.9 28.7 29.1 29.7 30.0 30.6 51.7 29.4 29.3 28.6 26.8 25.1

TECH. & COMMUNICATION

TRG Pakistan Ltd. 80.5 2.3 78.0 79.3 81.3 82.6 84.7 42.2 82.4 83.8 83.7 85.2 93.6

TEXTILE COMPOSITE
Nishat Mills Ltd. 80.9 0.4 79.4 80.1 81.3 82.0 83.1 56.5 80.2 79.5 77.7 69.4 64.2

REFINERY
Attock Refinery Ltd. 332.7 1.1 325.4 329.0 335.3 339.0 345.2 52.6 332.2 330.4 319.8 289.3 239.3
Data Source: PSX

Page No. 2
DARSON SECURITIES LIMITED DISCLAIMER
TREC HOLDR: PAKISTAN STOCK EXCHANGE / PAKISTAN MERCANTILE EXCHANGE LTD.
This report has been prepared by Darson Securities Ltd. and is provided for information purposes only. Under no circumstances it is to be used or considered as an offer to sell, or a
solicitation of any offer to buy. This information has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or
accuracy. All opinions and estimates expressed in this report constitute our present judgment only and are subject to change without notice. This report is intended for persons
having professional experience in matters relating to investments.

Research Dissemination Policy: Darson Securities Ltd. endeavors to make all rightful efforts to disseminate research to all eligible clients in a timely manner through either
electronic or physical distribution such as email, mail and/or fax. However, it is worth mentioning that, not all clients may receive the material at the same time.

Analyst Certification: The research analyst(s), if any, denoted by AC on the cover of this report, who exclusively reports to the research department head, primarily involved in the
preparation, writing and publication of this report, certifies that the expressed views in this report are unbiased and independent opinions of the analyst(s). The observations
presented also accurately reflect the personal views of the analyst(s) based on the research about the subject companies/securities and in any case, no part of the compensation of
the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research report. It is also important to note that the
research analyst(s) or any of its close relatives do not have a financial interest in the securities of the subject company aggregating more than 1% of the value of the company.
Additionally, the research analyst or its close relative have neither served as a director/officer in the past 3years nor received any compensation from the subject company in the
past 12 months. The Research analyst or its close relatives have not traded in the subject security in the past 7 days and will not trade in next 5 days.

Financial Interest Disclosure: Darson Securities (Ltd. or any of its officers and directors does not have a significant financial interest (above 1% of the value of the securities of the
subject company). Darson Securities Ltd., their respective directors, officers, representatives, employees and/or related persons may have a long or short position in any of the
securities or other financial instruments mentioned or issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale of any
such securities or other financial instruments from time to time in the open market or otherwise.

Risk Associated with Target Price: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include
geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions
generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices.

Rating System:
If;
• Expected return >15% - Buy Call
• Expected Return is in between 0% to 15% - Neutral/Hold Call
• Expected Return <0% - Sell Call

Valuation Methodology
To arrive at our period end target prices, DSL uses
different valuation methodologies including:

• Discounted cash flow (DCF, DDM)

• Justified price to book (JPB)
• Relative Valuation (P/E, P/B, P/S etc.)
• Equity & Asset return based methodologies (EVA, Residual Income etc.)

CONTACT US

CORPORATE OFFICE

1. KARACHI
Room # 808, Business & Finance Centre, I.I. Chundrigar Road,
Karachi.
UAN: 021 111 900 400, Fax: 021 32471088

BRANCH NETWORK

2. KARACHI 7. SARGODHA
Office No. 516, 5th Floor, PSX Building, Stock Exchange Road, Office # 3, 1st Floor, Al-Munir Market, Liaquat Bazar, Sargodha.
Karachi. Phone: 0483-701141, 0333-9804899
Phone: 021-32425538
8. JHELUM
3. LAHORE 1st Floor, Metro Trade Centre, Near Shaloom Centre, Al-Markaz
LSE BRANCH Road, Jehlum.
Room No. 102, 1st Floor, LSE Building, Aiwan-e-Iqbal Road, Lahore. Phone: 0544-626087, 832289
Phone: 042-36309842 042-36314293
9. HYDERABAD
4. LIBERTY BRANCH Office # 9 , 6th Floor , Salman Icon Tower , Auto Bhan Road
Office No. 404, 3rd Floor, Liberty Tower, Liberty Gulberg, Lahore. Hyderabad
Phone: 042-6366263, 6364208 042-5789705 Phone: 022-3821230-1

5. GUJRANWALA 10. FAISALABAD (1)

Office No. 10, Ground Floor, Block A, GDA Trust Plaza, G.T. Road Gujranwala Room No. 160-161, Mezzanine Floor, City Mall, Chen One Road, Faisalabad.
Phone: 0553-732963-64 Phone: 041-8711313, 8712377

6. DERA ISMAIL KHAN 11. FAISALABAD (2)

2nd Floor, State Life Building, Near Skynet Courier Office, Circular Room No. 512, 5th Floor, State Life Bldg. no. 2, Liaquat Road, Faisalabad.
Road, Dera Ismail Khan. Phone: 041-2610777
Phone: 0966-730906