Karachi, July 28, 2022 (PPI-OT): KSE-100: Range bound activity witnessed

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday low of 289pts, a high of 205pts and concluded with a gain of 79pts to settle at 39,973pts. The volumes witnessed in the last trading session were slightly lower than the last trading session. The index closed above the lower band by 15.9%. Bollinger Bands are 4.87% wider than normal.

The chart formation depicts that the index may find initial support near 39,700. A break below mentioned support can result into further weakness towards 39,500 and 39,300pts level. Alternatively, the index can face resistance near 40,200pts initially and then head towards 40,500 and 40,900 area. It is recommended to accumulate positions on weakness with risk defined below 39,200 area.