Karachi, July 21, 2023 (PPI-OT): KSE-100 - Index remains volatile

Market View - Technical

The index opened on a negative note and remained volatile during the last trading session. The local bourse posted a high of 357pts, a low of 27pts and concluded with a gain of 303pts to settle at 45,398pts. The volumes witnessed in the last trading session comparatively higher than the previous trading session. The Index is currently 9.6% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into the Index (mildly bullish). Trend forecasting oscillators are currently bullish on the local bourse and have had this outlook for the last week.

The chart formation depicts that the index may find initial support near 45,000. A break below mentioned support can result into further weakness towards 44,800 and 44,500pts 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 accumulate positions on weakness with risk defined below support zone.