Karachi, August 07, 2023 (PPI-OT): KSE-100 - Closes with a marginal loss

Market View - Technical

The index opened on a slightly negative note and faced a volatile session. The local bourse posted a high of 229pts, a low of 183pts and concluded with a loss of 25pts to settle at 48,586pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The MACD is bullish since it is trading above its signal line. Since the MACD crossed its moving average the local bourse has increased 10.68% and has ranged from a high of 49,405 to a low of 43,405.

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.