Karachi, September 22, 2023 (PPI-OT): KSE-100: Closes above 21-SMA

Market View - Technical

The index opened on a positive note and faced a volatile session. The local bourse posted a high of 420pts, a low of 156pts and concluded with a gain of 313pts to settle at 46,202pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. Among the momentum oscillator, RSI (Relative Strength Index) has just reached near 14 days. The Index is also sustaining above daily parabolic SAR which cements a positive view. On daily candle chart, a white candle occurred. During the past 10 trading sessions, there have been 5 white candles and 5 black candles.

The chart formation depicts that the index may find initial support near 46,000. A break below mentioned support can result into further weakness towards 45,700 and 45,500pts level. Alternatively, the index can face resistance near 46,500pts initially and then head towards 46,900 and 47,200 areas. It is recommended to accumulate positions on weakness and trade with a cautious approach.