Karachi, September 20, 2023 (PPI-OT): KSE-100_Approaching near 21-SMA

Market View - Technical

The index opened on a positive note and consolidated in a thin range. The local bourse posted a high of 234pts and concluded with a gain of 107pts to settle at 45,910pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index closed above 10-SMA on daily chart and is approaching towards 21-SMA. MACD's histogram is near the neutral mark. The stochastic Oscillator has generated a buy signal and RSI (Relative Strength Index) is currently at 46.11 level.

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 45,500 and 45,000pts level. Alternatively, the index can face resistance near 46,200pts initially and then head towards 46,500 and 46,900 areas. It is recommended to accumulate positions on weakness and trade with a cautious approach.