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AKD Securities Limited – AKD Technical Daily (November 22, 2022)

Karachi, November 22, 2022 (PPI-OT): KSE-100: Lackluster activity witnessed

The index opened on a slightly positive note and remained range bound throughout the last trading session. The local bourse posted an intraday low of 66pts, a high of 126pts and concluded with a marginal gain of 31pts to settle at 42,761pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index closed below the upper band by 28.2%. Bollinger Bands are 17.19% narrower than normal. Among the strength Indicators, RSI (Relative Strength Index) is currently trading above the neutral mark and at a level of 58.65.

The chart formation depicts that the index may find initial support near 42,600. A break below mentioned support can result into further weakness towards 42,300 and 42,200pts level. Alternatively, the index can face resistance near 43,200pts initially and then head towards 43,500 and 43,700 area. It is recommended to trade with a cautious approach.