AKD Securities Limited – AKD Daily Technical (24 May 2023)

Karachi, May 24, 2023 (PPI-OT): KSE-100: Lacklustre activity witnessed

Market View - Technical

The index opened on a slightly positive note and traded in a narrow range. The local bourse posted a high of 101pts, a low of 96pts and concluded with a loss of 96pts to settle at 41,099pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index is currently consolidating below 200-Simple Moving Average on daily chart and approaching towards 50-SMA (Simple Moving Average). The MACD is currently below its signal line. Since the MACD crossed its moving average, the Index level has decreased 0.83% and has ranged from a high of 41,964 to a low of 41,099.

The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,500 and 40,200pts level. Alternatively, the index can face resistance near 41,400pts initially and then head towards 41,800 and 42,100 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.