Karachi, August 01, 2023 (PPI-OT): KSE-100 - Upward ride continues

Market View - Technical

The index opened with a bullish bias and remained bullish throughout the last trading session. The local bourse posted a high of 1,050pts and concluded with a gain of 958pts to settle at 48,035pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index is currently 15.5% above its 200-period moving average and is in an upward trend. Volume indicators reflect very strong flows of volume into the Index. Trend forecasting oscillators are currently bullish. Momentum oscillator is currently indicating that the local bourse is currently in an overbought condition.

The chart formation depicts that the index may find initial support near 47,500. A break below mentioned support can result into further weakness towards 46,900 and 46,500pts level. Alternatively, the index can face resistance near 48,100pts initially and then head towards 48,500 and 48,800 areas. It is recommended to trade with a cautious approach and focus on profit taking.