Karachi, September 05, 2022 (PPI-OT): KSE-100: Faces a volatile session

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 109pts, a low of 224pts and concluded with a loss of (Downward) 151pts to settle at 42,309pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index has been closing with a negative bias for the last two consecutive trading session. The index is sustaining below 21-SMA (Simple Moving Average) on daily chart and strength indicators like RSI and Stochastic indicate that the index could remain under pressure in near term.

The chart formation depicts that the index may find initial support near 41,800. A break below mentioned support can result into further weakness towards 41,500 and 41,200pts level. Alternatively, the index can face resistance near 42,600pts initially and then head towards 42,900 and 43,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.