Karachi, February 28, 2023 (PPI-OT): KSE-100: Range bound activity witnessed

The index opened with a slightly positive note and a range bound activity witnessed during the last trading session. The local bourse posted an intraday low of 91pts, a high of 112pts and concluded with a gain of 76pts to settle at 40,784pts. The volumes clocked in the last trading session were slightly higher than the previous trading session. The Index is consolidating in a thin range and sustaining above 50-SMA on daily chart. The Index closed above the lower band by 32.1%. Bollinger Bands are 31.96% narrower than normal.

The chart formation depicts that the index may find initial support near 40,600. A break below mentioned support can result into further weakness towards 40,200 and 39,800pts level. Alternatively, the index can face resistance near 41,200pts initially and then head towards 41,600 and 41,900 area. It is recommended to accumulate positions on weakness with defined below support zone.