Karachi, March 16, 2023 (PPI-OT): KSE-100: Faces a volatile session
The index opened on a negative note and faced a volatile session amidst good volumes. The local bourse posted an intraday high of 194pts, a low of 213pts and concluded with a marginal gain of 58pts to settle at 41,874pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 6 trading session ago. Since the MACD crossed its moving average, the index has posted a return of 1.30% and has ranged from a top of 42,292 to a low of 41,335.
The chart formation depicts that the index may find initial support near 41,600. A break below mentioned support can result into further weakness towards 41,200 and 41,000pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,500 and 42,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.