Karachi, September 09, 2022 (PPI-OT): KSE-100: Inches up amidst low volumes

The index opened on a slightly positive note and a range bound activity witnessed. The local bourse posted an intraday low of 89pts, a high of 171pts and concluded with a gain of (Upward) 59pts to settle at 41,825pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is trading above 50-SMA on daily chart. Among the momentum indicators, MACD is still trading in the negative trajectory. Since the MACD crossed its moving average, the Index has decreased 1.60% and has ranged from a high of 43,052 to a low of 41,676.

The chart formation depicts that the index may find initial support near 41,650. 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.