Karachi, April 27, 2022 (PPI-OT): KSE-100: Faces a volatile session

The index opened with a positive note and faced a volatile session. The Index posted an intraday high of 112pts, a low of 294pts and concluded with a loss of 256pts to settle at 45,818pts level. The index is currently trading above 200-SMA on daily chart. The volumes reflected in the last trading session were comparatively lower than the previous trading session. The index broke above the down trend line at 46,073 in the previous trading session, this trend line currently with an ending point at 45,601 may now provide downside support.

The chart formation depicts that the index may find initial support near 45,700. A break below mentioned support can result into further weakness towards 45,500 and 45,300pts level. Alternatively, the index can face resistance near 46,100pts initially and then head towards 46,400 and 46,600 area. It is recommended to accumulate positions on weakness and trade with a cautious approach while use stop loss during intraday trading.