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AKD Securities Limited Equity Research – Daily Technical

Karachi, January 14, 2022 (PPI-OT): KSE-100 Index: Plunges by 153 points

The index opened with a positive bias and underwent a volatile session. The local bourse posted a low of 222pts, a high of 87pts and concluded with a slight loss of 153pts to settle at 45,763pts level while trading volumes increased by ↑4% DoD. The index once again tested 200-SMA during intraday trading but could not manage to sustain above it.

The chart formation depicts that the index may find initial support near 45,600. A break below mentioned support can result into further weakness towards 45,400 and 45,200pts level. Alternatively, the index can face resistance near 46,000pts initially and then head towards 46,300 and 46,650 area. It is recommended to initiate positions on weakness with risk defined below 45,400.