Karachi, September 06, 2023 (PPI-OT): KSE-100_Faces a volatile session; low volumes

Market View - Technical

The index opened on a positive note and faced a volatile session. The local bourse posted a high of 243pts, a low of 290pts and concluded with a loss of 216pts to settle at 45,491pts. The volumes witnessed in the last trading session were almost similar than the previous trading session. The Index reached near 50-SMA on daily chart but could not manage to trade above it. Daily parabolic SAR (Stop and Reverse) is currently appearing above the current level of the Index. Momentum oscillators, RSI (Relative Strength Index) is currently trading at 38.91.

The chart formation depicts that the index may find initial support near 45,400. A break below mentioned support can result into further weakness towards 45,000 and 44,600pts level. Alternatively, the index can face resistance near 46,000pts initially and then head towards 46,400 and 46,800 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.