JS Securities Limited - Pakistan Market: Technical Outlook.

Karachi -- January 24, 2023 (PPI-OT)

KSE-100; Consolidation to continue

PSX witnessed a volatile session to close at 38,444 (+36 points) compared to the previous session. Volumes stood dull at 81mn shares versus 93mn shares traded previously. The index is expected to revisit yesterday's low of 38,136 where a fall below that will extend the decline towards 37,674, followed by 36,836. However, any upside will face resistance in the range of 38,610-38,800. The RSI has improved, while, the MACD is moving down, signalling no clear trading view. We recommend investors to stay cautious...