Karachi, June 30, 2022 (PPI-OT): KSE-100: Volatile sessions could be expected

The index opened on a slightly negative note and remained bearish throughout the last trading session. The local bourse posted an intraday high of 48pts, a low of 646pts to settle at 41,298 pts level with a loss of 468pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The local bourse is currently trading below short-term moving averages on daily chart. The local bourse closed above the lower band by 27.7%. Bollinger Bands are 35.78% narrower than normal which indicate for a possible high volatility in near future.

The chart formation depicts that the index may find initial support near 41,100. A break below mentioned support can result into further weakness towards 40,600 and 40,300pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,00 and 42,700 area. It is recommended to accumulate positions on weakness with risk defined below support zone.