Karachi, October 31, 2022 (PPI-OT): KSE-100: Approached near support Zone

The index opened on a slightly positive note and bearish throughout the last trading session. The local bourse posted an intraday low of 488pts and concluded with a loss of 463pts to settle at 41,140pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. As trend line analysis, the most recently confirmed up trendline for the Index has an ending point currently at 41,000. Expect Index level to have some difficulty falling below this trendline. A break below this trendline (amidst heavy volumes) could drag index level further downside.

The chart formation depicts that the index may find initial support near 41,000. A break below mentioned support can result into further weakness towards 40,500 and 40,300pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 42,000 and 42,200 area. It is recommended to trade with a cautious approach.