Karachi, December 19, 2022 (PPI-OT): KSE-100 Range bound likely

The index opened on a positive note and faced a volatile session amidst heavy volumes. The local bourse posted an intraday high of 214pts, a low of 92pts and concluded with a gain of 122pts to settle at 41,301pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index is currently trading below minor moving averages. Among strength indicators, RSI (Relative Strength Index) is currently trading below the neutral level.

The chart formation depicts that the index may find initial support near 40,900. A break below mentioned support can result into further weakness towards 40,600 and 40,400pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 41,900 and 42,200 area. It is recommended to trade with a cautious approach.