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AKD Securities Limited – AKD Technical Daily (January 06, 2023)

Karachi, January 06, 2023 (PPI-OT): KSE-100 – Faces a bullish session

The index opened on a positive note and faced a bullish session. The local bourse posted an intraday high of 251pts and concluded with a gain of 177pts to settle at 40,717pts. The volumes clocked in the last trading session were marginally higher than the previous trading session. There were no SAR signals generated in the last trading session. The last signal was generated four trading session ago. Currently the Parabolic SAR is appearing below the current level of the Index which is cementing positive view for upcoming trading session.

The chart formation depicts that the index may find initial support near 40,500. A break below mentioned support can result into further weakness towards 40,100 and 39,800pts level. Alternatively, the index can face resistance near 41,000pts initially and then head towards 41,400 and 41,800 area. It is recommended to exit from buying position on strength and resume buying once the index manages to close above resistance zone.