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AKD Securities Limited – AKD Daily Technicals (September 28, 2022)

Karachi, September 28, 2022 (PPI-OT): KSE-100 – Approaching towards 50-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 438pts and concluded with a gain of 367pts to settle at 41,518pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index is currently 4.3% below 200-period moving average on daily chart. Volatility is extremely high when compared to the average volatility over the last ten trading sessions. There seems to be a good possibility that volatility might decrease and the Index would stabilize in the near term.

The chart formation depicts that the index may find initial support near 41,200. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,700pts initially and then head towards 41,900 and 42,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.

akd-securities-limited-akd-daily-technicals-september-28-2022

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