Karachi, March 22, 2023 (PPI-OT): KSE100 – Lackluster activity witnessed

Market View — Technical

The index opened on a positive note and traded in a narrow range amidst low volumes. The local bourse posted an intraday high of 72pts, a low of 222pts and concluded with a loss of 40pts to settle at 40,878pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session.

The Index is currently 1.4% below 200-period moving average. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace.

The chart formation depicts that the index may find initial support near 40,700. A break below mentioned support can result into further weakness towards 40,500 and 40,300pts level. Alternatively, the index can face resistance near 41,300pts initially and then head towards 41,500 and 41,800 area. It is recommended to trade with a cautious approach.