Karachi, September 11, 2023 (PPI-OT): KSE-100 - Low volumes witnessed

Market View - Technical

The index opened on a positive note and faced a bullish session. The local bourse posted a high of 320pts, a low of 28pts and concluded with a gain of 256pts to settle at 46,013pts amidst low volumes. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The Index has approached near parabolic SAR (Stop and Reverse) on daily chart. Among the moving averages, 50-SMA is currently lying near 46,273pts which is the immediate resistance. The MACD is trading below signal line. Since the MACD crossed its moving average, the local bourse has decreased 4.59%.

The chart formation depicts that the index may find initial support near 45,700. A break below mentioned support can result into further weakness towards 45,400 and 45,000pts level. Alternatively, the index can face resistance near 46,300pts initially and then head towards 46,800 and 47,200 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.