Karachi, September 28, 2023 (PPI-OT): KSE-100: Trading in a thin range

Market View - Technical

The index opened on a slightly positive note and faced a range bound trading session. The local bourse posted a high of 171pts, a low of 40pts and concluded with a gain of 87pts to settle at 46,365pts. The volumes witnessed in the last trading session were marginally lower than the previous trading session. The Index is currently 9.0% above its 200-period moving average and currently hovering around 30-SMA. Volatility is extremely low when compared to the average volatility over the last ten trading sessions. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace (neutral). Relative Strength Index (RSI) currently at 52.80 level.

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.