Karachi, September 30, 2022 (PPI-OT): KSE-100: Faces a bearish session

The index opened with a negative bias and remained bearish throughout the last trading session. The local bourse posted an intraday low of 526pts and concluded with a loss of 421pts to settle at 41,041pts. The volumes clocked in the last trading session were lower than the previous trading session. The Index is currently trading below minor moving averages on daily chart. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line. Since the MACD crossed its moving average the Index has decreased 3.51% and has ranged from a high of 43,052 to a low of 40,417.

The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,500 and 40,200pts level. Alternatively, the index can face resistance near 41,400pts initially and then head towards 41,700 and 41,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.