Karachi, January 13, 2023 (PPI-OT): KSE-100: Faces a volatile session
The index opened on a negative note and faced a volatile trading session. The local bourse posted an intraday high of 461pts, a low of 90pts and concluded with a marginal gain of 46pts to settle at 40,804pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index which supports a bullish view in near term, moreover MACD is currently trading in a positive trajectory as histogram of the MACD is currently above the signal line.
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 41,100pts initially and then head towards 41,400 and 41,800 area. It is recommended to accumulate positions on weakness.