Karachi, January 20, 2023 (PPI-OT): KSE-100: Inches up amidst good volumes

The index opened on a positive note and faced a volatile trading session. The local bourse posted an intraday low of 61pts, a high of 274pts and concluded with a marginal gain of 41pts to settle at 38,832pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line two trading sessions ago. Since the MACD crossed its moving average the Index has increased 1.28% and has ranged from a high of 39,942 to a low of 38,257.

The chart formation depicts that the index may find initial support near 38,400. A break below mentioned support can result into further weakness towards 38,100 and 37,800pts level. Alternatively, the index can face resistance near 39,100pts initially and then head towards 39,500 and 39,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.