AKD Securities Limited – AKD Technical Daily(29 -03 -2023)

Karachi, March 29, 2023 (PPI-OT): KSE-100: Marginal gains amidst low volumes

The index opened on a positive note and a range bound activity witnessed amidst low volumes. The local bourse posted an intraday high of 204pts and concluded with a gain of 88pts to settle at 40,082pts. The volumes clocked in the last trading session were slightly higher than the previous trading session. The MACD’s histogram is in negative territory since it is trading below its signal line. The MACD crossed below its signal line 5 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 2.04% and has ranged from a high of 41,398 to a low of 39,840.

The chart formation depicts that the index may find initial support near 39,800. A break below mentioned support can result into further weakness towards 39,500 and 39,200pts level. Alternatively, the index can face resistance near 40,400pts initially and then head towards 40,700 and 41,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.