Karachi, July 06, 2023 (PPI-OT): KSE-100: Volatile session amidst heavy volumes

Market View - Technical

The index opened on a slightly negative note and remained volatile throughout the last trading session. The local bourse posted a high of 484pts, a low of 93pts and concluded with a loss of 4pts to settle at 43,553pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index is currently 5.7% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last ten trading sessions. There seems a possibility that volatility will decrease and Index level will stabilize in the near term.

The chart formation depicts that the index may find initial support near 43,400. A break below mentioned support can result into further weakness towards 42,800 and 42,400pts level. Alternatively, the index can face resistance near 44,000pts initially and then head towards 44,500 and 45,000 areas. It is recommended to trade with a cautious approach and accumulate positions near support zone.