Karachi, April 28, 2022 (PPI-OT): KSE-100: Declines by 284pts

The index opened with a positive note and remained volatile throughout the last trading session. The Index posted an intraday high of 141pts, a low of 335pts and concluded with a loss of 284pts to settle at 45,533pts level. The index traded below 200-SMA during intraday trading but managed to close slightly above it. The volumes reflected in the last trading session were comparatively higher than the previous trading session.

The chart formation depicts that the index may find initial support near 45,500. A break below mentioned support can result into further weakness towards 45,300 and 45,000pts level. Alternatively, the index can face resistance near 45,800pts initially and then head towards 46,100 and 46,400 area. It is recommended to accumulate positions on weakness and trade with a cautious approach while use stop loss during intraday trading.