Karachi, June 27, 2023 (PPI-OT): KSE-100: Sharp recovery witnessed
The index opened with a runaway gap and remained bullish throughout the last trading session. The local bourse posted a high of 1,427pts and concluded with a gain of 1,372pts to settle at 41,437pts. The volumes clocked in the last trading session were comparatively higher than previous trading session. A v-shaped recovery witnessed in the last trading session as the Index has been trading below the lower Bollinger band for last two trading sessions. The width of Bollinger band is indicating for volatile sessions to occur in near term. The Index has surpassed above minor moving averages on daily chart.
The chart formation depicts that the index may find initial support near 40,900. A break below mentioned support can result into further weakness towards 40,500 and 40,100pts level. Alternatively, the index can face resistance near 41,500pts initially and then head towards 41,800 and 42,200 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.