Karachi, August 19, 2022 (PPI-OT): KSE-100: Profit taking witnessed

The index opened with a positive bias and remained volatile throughout the last trading session. The local bourse posted an intraday high of 203pts, a low of 286pts and concluded with a loss of 195pts to settle at 43,482pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index faced resistance near 200-SMA (Simple Moving Average) on daily chart and some profit taking also witnessed on the higher levels. During the past 10 trading sessions, there have been 7 white candles and 3 black candles for a net of 4 white candles.

The chart formation depicts that the index may find initial support near 43,400. A break below mentioned support can result into further weakness towards 43,100 and 42,800pts level. Alternatively, the index can face resistance near 43,900pts initially and then head towards 44,400 and 44,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.