Karachi, August 23, 2023 (PPI-OT): KSE-100 - Low volumes witnessed

Market View - Technical

The index opened on a flate note and faced a volatile session. The local bourse posted a high of 227pts, a low of 88pts and concluded with a loss of 30pts to settle at 47,418pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line eight trading sessions ago. Since the MACD crossed its moving average, the local bourse has decreased 1.68% and has ranged from a high of 48,899 to a low of 47,262.

The chart formation depicts that the index may find initial support near 47,200. A break below mentioned support can result into further weakness towards 46,800 and 46,500pts level. Alternatively, the index can face resistance near 47,700pts initially and then head towards 48,000 and 48,200 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.