Karachi, July 20, 2023 (PPI-OT): KSE-100: Index inches up amid good volumes

Market View — Technical

The index opened on a positive note and remained volatile during the last trading session. The local bourse posted a high of 218pts, a low of 81pts and concluded with a gain of 86pts to settle at 45,095pts. The volume bar witnessed in the last trading session was almost equal to the previous trading session. The Index closed below the upper band by 26.6%. Bollinger Bands are 205.90% wider than normal. The large width of the bands suggest high volatility as compared to the normal range of the Index. The bands have been trading in this wide range for the last 13 trading sessions.

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