Karachi, November 04, 2022 (PPI-OT): KSE-100 Closes with a positive bias

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 231pts, a low of 58pts and concluded with a gain of 146pts to settle at 42,091pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is hovering around an important resistance zone where a sustenance above it could potentially call for further upside. Among the Strength Indicators, RSI (Relative Strength Indicator), is currently trading above neutral mark. The MACD histogram is crawling up to neutral zone from negative trajectory.

The chart formation depicts that the index may find initial support near 41,700. A break below mentioned support can result into further weakness towards 41,400 and 41,000pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,500 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.