Karachi, March 14, 2023 (PPI-OT): KSE-100: Long upper shadow candle witnessed

The index opened on a positive note and faced a volatile trading session. The local bourse posted an intraday high of 498pts, a low of 8pts and concluded with a gain of 63pts to settle at 41,857pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index is comfortably trading above 200-SMA on daily chart. Among the strength indicators, RSI (Relative Strength Index) is trading at a value of 61.5 which is above the neutral mark. The MACD is bullish and currently it is trading above its signal line. 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 41,500. A break below mentioned support can result into further weakness towards 41,200 and 41,000pts level. Alternatively, the index can face resistance near 42,300pts 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.