Karachi, March 10, 2023 (PPI-OT): KSE-100: Bullish sentiment persists

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 289pts and concluded with a gain of 227pts to settle at 41,586pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index surpassed 200-SMA on daily chart. Among the strength indicators, RSI (Relative Strength Index) is showing strength and has just reached to the highest value in the last 14 trading sessions. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 2 trading sessions ago. Since the MACD crossed its moving average, the Index level has increased 0.61% and has ranged from a high of 41,648 to a low of 41,335.

The chart formation depicts that the index may find initial support near 41,200. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 41,800 and 42,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.