Karachi, September 14, 2023 (PPI-OT): KSE-100_Range bound activity witnessed, (AKD Technical Daily Sep 14 2023)

Market View - Technical

The index opened on a flat note and faced a range bound activity. The local bourse posted a high of 224pts and concluded with a gain of 83pts to settle at 45,591pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The Index remained range bound in the last trading session. It is currently trading below 38.2% of the ascend move June'23 low (39,894) to Aug'23 high (49,405). It seems like Index could approach towards 50% of the aforementioned move in near term which is at 44,700 areas. Among the momentum oscillators, RSI (Relative Strength Index) is currently trading at 41.47 level which is below the neutral mark. On daily chart, the Index is trading below the middle Bollinger Band.

The chart formation depicts that the index may find initial support near 45,500. A break below mentioned support can result into further weakness towards 45,000 and 44,700pts level. Alternatively, the index can face resistance near 45,800pts initially and then head towards 46,100 and 46,500 areas. It is recommended to trade with a cautious approach and use stop loss during intraday trading.