Pakistan Market: Technical Outlook

Bull Run continued for the KSE-100 index as it crosses the psychological level of 19,000. The index gained 52 points to close at 19,035 with volume of 147mn shares.

If the gain continues, the next target will be in the range of 19,150-19,240, which could later extend to 19,610-19,705. Meanwhile, a drop below yesterday’s low will temporarily abort the positive move and the index will target Apr 29, 2013 low of 18,791. The RSI and the MACD are on a rising trend, supporting a positive view.We recommend investors to ‘Buy on dips’, keeping stoploss below 18,982. The support and resistance are at 18,968 and 19,102, respectively.