AKD Securities Limited - AKD Technical Daily (January 02, 2023)

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AKD Securities Limited – AKD Technical Daily (January 02, 2023)

January 2, 2023

Karachi, January 02, 2023 (PPI-OT): KSE-100: Bullish session amidst heavy volumes

The index opened on a positive note and faced a bullish session amidst heavy volumes. The local bourse posted an intraday high of 673pts and concluded with a gain of 673pts to settle at 40,420pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The RSI has just reached its highest value in the last 14 trading sessions. This is a bullish sign. Daily parabolic SAR (Stop and Reverse) has started to appear below the current level of the index since last trading session. The is particularly cement a bullish view in near term.

The chart formation depicts that the index may find initial support near 40,000. A break below mentioned support can result into further weakness towards 39,700 and 39,400pts level. Alternatively, the index can face resistance near 40,700pts initially and then head towards 41,100 and 41,400 area. It is recommended to accumulate positions on weakness with risk defined below support zone.