Karachi, January 20, 2022 (PPI-OT): KSE-100 Index Underwent a bearish session

The index opened on a slightly positive note and underwent a bearish session. The local bourse posted a low of 773pts and concluded with a loss of 674pts to settle at 44,833pts level while trading volumes increased by 28% DoD. The local bourse is currently sustaining above 50-SMA. A closing below it could add further pressure in near future.

The chart formation depicts that the index may find initial support near 44,700. A break below mentioned support can result into further weakness towards 44,600 and 44,450pts level. Alternatively, the index can face resistance near 45,100pts initially and then head towards 45,300 and 45,560 area. It is recommended to trade with a cautious approach and use stop loss during intraday trading.