Karachi, July 06, 2022 (PPI-OT): KSE-100: Plummets by 245pts amidst low volumes

The index opened on a positive note and a lackluster activity witnessed. The local bourse posted an intraday high of 110pts, a low of 281pts to settle at 41,103 pts level with a loss of 246pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The index is currently trading below its minor moving averages on daily chart. RSI (Relative Strength Index) is currently sustaining below the neutral mark which indicate that Index could remain under pressure in near future.

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 40,300pts level. Alternatively, the index can face resistance near 41,400pts initially and then head towards 41,800 and 42,100 area. It is recommended to trade with a cautious approach.