FLASHNEWS:

AKD Securities Limited – AKD Technical Daily (01 March 2023)

Karachi, March 01, 2023 (PPI-OT): KSE-100: Faces a bearish session

The index opened with a slightly positive note and remained under pressure during the last trading session. The local bourse posted an intraday low of 348pts, a high of 71pts and concluded with a loss of 274pts to settle at 40,510pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index is tested 50-SMA on daily chart and closed above it. Among the strength Indicators, RSI (Relative Strength Index) is currently below the neutral mark of 50. Trading below neutral mark indicates for a weakness in near term.

The chart formation depicts that the index may find initial support near 40,400. A break below mentioned support can result into further weakness towards 40,200 and 39,800pts level. Alternatively, the index can face resistance near 40,800pts initially and then head towards 41,200 and 41,600 area. It is recommended to accumulate positions on weakness with defined below support zone.