Karachi, October 12, 2022 (PPI-OT): KSE-100 – Faces a volatile session

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 200pts, a low of 158pts and concluded with a marginal loss of 56pts to settle at 42,155pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is currently trading above minor moving averages on daily charts. In case of a slide 50-SMA (Simple Moving Average) could act as an immediate support. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index.

The chart formation depicts that the index may find initial support near 42,000. A break below mentioned support can result into further weakness towards 41,800 and 41,400pts level. Alternatively, the index can face resistance near 42,400pts initially and then head towards 42,800 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.