JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- January 16, 2023 (PPI-OT)

KSE-100; Upside restricted at the 30-DMA

KSE-100 index posted a loss of 480 points to close at 40,323. Volumes stood at 173mn shares versus 175mn shares traded previously. If the decline continues, the initial target will be at 39,865 which could later extend to 39,028. However, any upside will face resistance at the 30-DMA that is currently at the 40,725 level. The RSI and the MACD have shown weakness, suggesting a negative trend ahead. JS Securities Limited recommends investors to stay cautious at current levels. The support...