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AKD Securities Limited Equity Research – Daily Technicals (September 26, 2022)

Karachi, September 26, 2022 (PPI-OT): KSE-100 faces a volatile session

Market View – Technical

The index opened on a positive note and faced a volatile session volatile. The local bourse posted an intraday high of 204pts, a low of 415pts and concluded with a loss of 308pts to settle at 40,620pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session.

The Index traded with a positive bias in the initial hour but pared all gains later on and traded with a negative bias. Ammon the strength indicators, RSI (Relative Strength Indicator) is approaching in an oversold region where a potential bounce could be expected.

The chart formation depicts that the index may find initial support near 40,450. A break below mentioned support can result into further weakness towards 40,250 and 40,100pts level. Alternatively, the index can face resistance near 40,800pts initially and then head towards 41,200 and 41,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.

akd-securities-limited-equity-research-daily-technicals-september-26-2022

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