Karachi, September 07, 2023 (PPI-OT): KSE-100 - Bullish session witnessed

Market View - Technical

The index opened on a positive note and faced a bullish session. The local bourse posted a high of 363pts and concluded with a gain of 316pts to settle at 45,808pts. The volumes witnessed in the last trading session were slightly improved than the previous trading session. The Index reached near 8-SMA on daily chart but could not manage to sustain above the moving average. Momentum oscillators, RSI (Relative Strength Index) is currently trading at 42.48. The MACD is trading below its signal line. Since it crossed its moving average, the local bourse has decreased by 5.02% and has ranged from a high 48,899 to a low of 44,460.

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 area. It is recommended to accumulate positions on weakness with risk defined below support zone.