Karachi, January 13, 2022 (PPI-OT): KSE-100 Index: closes marginally higher
The index opened with a positive bias and underwent a volatile session. The local bourse posted a low of 10pts, a high of 339pts and concluded with a slight gain of 35pts to settle at 45,916pts level while trading volumes increased by 23% DoD. The index traded above 200-SMA during intraday trading but could not manage to sustain above it. A consistent closing above 200-SMA could push Index level to trade in an upward trajectory.
The chart formation depicts that the index may find initial support near 45,600. A break below mentioned support can result into further weakness towards 45,400 and 45,200pts level. Alternatively, the index can face resistance near 46,300pts initially and then head towards 46,650 and 46,850 area. It is recommended to initiate positions on weakness with risk defined below 45,400.