JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- September 16, 2022 (PPI-OT)

KSE-100; Engulfing Bear - stay cautious

KSE-100 index failed to sustain its intraday high of 42,312 and slid to close at 41,772, down 240 points DoD. Volumes stood high at 260mn shares versus 157mn shares traded previously. An Engulfing Bear has occurred which indicates a negative trend ahead. Moreover, the index has dropped below the 50-DMA supporting the above view. However, the downside seems to be limited at 41,400, while the upside resistance stands in the range of 41,930-42,150 levels. A cautious stance is required at current...