Karachi, August 31, 2022 (PPI-OT): KSE-100: Faces a volatile session

The index opened with a positive bias and faced a volatile session. The local bourse posted an intraday high of 548pts, a low of 398pts and concluded with a loss of (Downward) 309pts to settle at 42,195pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. Profit taking witnessed on the higher levels. The Volume was 24% above average (neutral) and Bollinger Bands were 14% wider than normal. Volatility is relatively normal as compared to the average volatility over the last 10 periods. The RSI has just reached its lowest value in the last 14 trading sessions.

The chart formation depicts that the index may find initial support near 41,800. A break below mentioned support can result into further weakness towards 41,500 and 41,200pts level. Alternatively, the index can face resistance near 42,600pts initially and then head towards 42,900 and 43,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.