Karachi, April 11, 2022 (PPI-OT): KSE-100: Approaches near 50-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The Index posted an intraday high of 721pts, and concluded with a gain of 658pts to settle at 44,445pts level. The volumes witnessed during the last trading session were comparatively higher than the previous trading session. The index closed above 30-SMA on daily chart. The MACD is bullish and has increased 2.12% and has ranged from a high of 45,396 to a low of 42,936 since it crossed its moving average.

The chart formation depicts that the index may find initial support near 44,100. A break below mentioned support can result into further weakness towards 43,700 and 43,500pts level. Alternatively, the index can face resistance near 44,600pts initially and then head towards 44,900 and 45,250 area. It is recommended to accumulate positions on weakness with risk defined below support zone.