Karachi, August 03, 2023 (PPI-OT): KSE-100 - Surges amidst good volumes

The index opened with a slightly positive note and faced another bullish session. The local bourse posted a high of 622pts and concluded with a gain of 534pts to settle at 48,765pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. A white body occurred as Index managed to close higher than its opening. During the last ten trading sessions, there have been seven white candles and three black candles for a net of four white candles. The RSI (Relative Strength Index) has reached its highest value in the last 14 period(s) which cements a bullish view. The current value of RSI (Relative Strength Index) is trading at 87.60.

The chart formation depicts that the index may find initial support near 48,400. A break below mentioned support can result into further weakness towards 48,100 and 47,800pts level. Alternatively, the index can face resistance near 48,900pts initially and then head towards 49,350 and 49,600 areas. It is recommended to trade with a cautious approach and focus on profit taking.