Karachi, January 17, 2022 (PPI-OT): KSE-100 Index: Closes on a flat note

The index opened with a positive bias and underwent a volatile session. The local bourse posted a low of 29pts, a high of 226pts and concluded with a flat closing to settle at 45,763pts level while trading volumes decreased by 31% DoD. The index pared all gains at one point during intraday trading and could not manage to trade above 200-SMA (Simple Moving Average) on daily chart. The index is currently 0.5% below 200-SMA on daily chart.

The chart formation depicts that the index may find initial support near 45,600. A break below mentioned support can result into further weakness towards 45,400 and 45,200pts level. Alternatively, the index can face resistance near 46,000pts initially and then head towards 46,300 and 46,650 area. It is recommended to initiate positions on weakness with risk defined below 45,400.