Karachi, March 17, 2022 (PPI-OT): KSE-100 Faces a bullish session

The index opened on a positive note and remained bullish. The Index posted a high of 564pts and concluded with a gain of 256pts to settle at 43,976pts level. The volumes witnessed during the last trading session were higher than the previous trading session. The local bourse closed above the lower band by 41.4%. Bollinger Bands are 26.33% wider than normal.

The chart formation depicts that the index may find initial support near 43,700. A break below mentioned support can result into further weakness towards 43,500 and 43,300pts level. Alternatively, the index can face resistance near 44,200pts initially and then head towards 44,500 and 44,700 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.