Karachi, September 25, 2023 (PPI-OT): KSE-100: Approaching towards 50-SMA

Market View - Technical

The index opened on a positive note and faced a volatile session. The local bourse posted a high of 298pts and concluded with a gain of 219pts to settle at 46,421pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. Among the momentum oscillator, RSI (Relative Strength Index) is currently trading at 53.82 which is above the neutral mark. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line in the last trading session. The Index seems to approach near 50-SMA on daily chart which is currently at 46,693.

The chart formation depicts that the index may find initial support near 46,200. A break below mentioned support can result into further weakness towards 46,000 and 45,700pts 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.