AKD Securities Limited – AKD Daily Technicals (May 11, 2022)

Karachi, May 11, 2022 (PPI-OT): KSE-100: Range bound activity witnessed

The index opened with a positive bias and underwent a volatile session. The local bourse posted an intraday high of 254pts, a low of 130pts and concluded with a gain of 111pts to settle at 43,504pts level. The index remained firm above trend line. The volumes reflected in the last trading session were comparatively lower than the previous trading session. According to trend line analysis, the most recently confirmed downside support level for the index is around 42,700. Expect index to have some difficulty falling below this level. A break below this level (particularly on heavy volume) would drag index further down.

The chart formation depicts that the index may find initial support near 43,300. A break below mentioned support can result into further weakness towards 43,000 and 42,800pts level. Alternatively, the index can face resistance near 44,000pts initially and then head towards 44,400 and 44,600 area. It is recommended to trade with a cautious approach and use stop loss during intra day trading.

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