Karachi, September 15, 2022 (PPI-OT): KSE-100: Inches up amidst low volumes

The index opened on a negative note and consolidated in a thin range. The local bourse posted an intraday high of 84pts, a low of 86pts and concluded with a slight gain of (Upward) 10pts only to settle at 42,012pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. Among the technical indicators, the Stochastic Oscillator is at 61.09. This is not an overbought or oversold reading. Volume was 13% below average (neutral) and Bollinger Bands were 34% narrower than normal.

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 42,200pts 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.