Karachi, September 21, 2023 (PPI-OT): KSE-100: Range bound activity witnessed

Market View - Technical

The index opened on a positive note and consolidated in a thin range. The local bourse posted a high of 125pts, a low of 102pts and concluded with a loss of 21pts to settle at 45,890pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The Index is currently 8.2% above its 200-period moving average. Volatility is low as compared to the average volatility over the last trading sessions. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace.

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 46,100pts 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.