Karachi, April 05, 2022 (PPI-OT): KSE-100: Seems to remain under pressure

The index opened with a huge gap on the downside and remained bearish throughout the last trading session. The Index posted an intraday low of 1,328 and concluded with a loss of 1,250pts to settle at 43,902pts level. The index dropped below major moving averages on daily chart. RSI is currently at 47.29 which is comparatively lower than the previous trading session.

The chart formation depicts that the index may find initial support near 43,650. A break below mentioned support can result into further weakness towards 43,350 and 43,100pts level. Alternatively, the index can face resistance near 44,100pts initially and then head towards 44,500 and 44,700 area. It is recommended to trade with a cautious approach.