FLASHNEWS:

AKD Securities Limited – Daily Technicals (November 08, 2022)

Karachi, November 08, 2022 (PPI-OT): KSE-100: Positive session amidst low volumes

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 351pts and concluded with a gain of 191pts to settle at 42,047pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session.

The index is consolidating above 50-SMA (Simple Moving Average) on daily chart. Daily parabolic SAR (Stop and Reverse) is now appearing below the current level of the Index and indicating that Index could face bullish sessions in near future.

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 41,400 and 41,000pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,400 and 42,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.