Karachi, May 25, 2023 (PPI-OT): KSE-100 Range bound activity witnessed
The index opened on a slightly positive note and remained range bound. The local bourse posted a high of 243pts, a low of 35pts and concluded with a marginal gain of 18pts to settle at 41,117pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index is currently consolidating below 200-Simple Moving Average on daily chart and approaching towards 50-SMA (Simple Moving Average). Among the strength Indicators, RSI (Relative Strength Index) is currently at reading 47.36 which is below the neutral mark.
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 41,800 and 42,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.