Karachi, October 03, 2023 (PPI-OT): KSE-100: Faces a bullish session

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 472pts and concluded with a gain of 395pts to settle at 46,627pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index is currently trading above 30-SMA on daily and seems to approach towards 50-SMA which is calculated at 46,822. A sustenance above it could recharge the bulls. The MACD is bullish since it is trading above its signal line. Relative Strength Index (RSI) is currently showing a reading at 56.72 which is above the neutral mark.

The chart formation depicts that the index may find initial support near 46,300. A break below mentioned support can result into further weakness towards 46,000 and 45,700pts level. Alternatively, the index can face resistance near 46,800pts initially and then head towards 47,200 and 47,500 area. It is recommended to accumulate positions on weakness and adopt a cautious approach.