AKD Securities Limited – AKD Daily Technical (15 Sep 2023)

Karachi, September 15, 2023 (PPI-OT): KSE-100: Closes on a positive note

Market View - Technical

The index opened on a slightly negative note and faced another dull session. The local bourse posted a high of 186pts and concluded with a gain of 59pts to settle at 45,650pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index faced another lackluster session. It is hovering near 10-SMA on daily chart. Daily SAR (Stop and Reverse) is currently appearing below the current level of the Index which cements a positive view in near term. The MACD's histogram is currently trading in a negative trajectory but seems to move towards neutral zone.

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 46,500 and 46,900 areas. It is recommended to accumulate positions and trade with a cautious approach.