Karachi, September 08, 2022 (PPI-OT): KSE-100: Range bound amidst low volumes

The index opened on a slightly positive note and a lackluster activity witnessed. The local bourse posted an intraday low of 156pts, a high of 205pts and concluded with a loss of (Downward) 94pts to settle at 41,766pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index is hovering near 50-SMA on daily chart. Among the strength indicators, RSI is currently at 43.3 which is the lowest level in last 14 trading sessions and it indicates that Index could remain under pressure in the near term.

The chart formation depicts that the index may find initial support near 41,700. A break below mentioned support can result into further weakness towards 41,400 and 41,200pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,600 and 42,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.