Karachi, May 08, 2023 (PPI-OT): KSE-100 - Remains bullish amidst good volumes

The index opened on a positive note and faced a volatile session in the last trading session. The local bourse posted an intraday high of 230pts, a low of 131pts and concluded with a gain of 148pts to settle at 42,242pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Three white soldiers candles witnessed on weekly charts which support for a bullish view on an intermediate term. Daily charts seem exhausted and indicate to exercise caution at current levels.

The chart formation depicts that the index may find initial support near 41,900. A break below mentioned support can result into further weakness towards 41,700 and 41,500pts level. Alternatively, the index can face resistance near 42,300pts initially and then head towards 42,500 and 42,800 area. It is recommended to book profits on defined resistance zone and trade with a cautious approach.