Karachi, June 29, 2022 (PPI-OT): KSE-100: Resisted by 30-SMA

The index opened on a slightly positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 271pts, a low of 270pts to settle at 41,766 pts level with a loss of 113 pts. The volumes witnessed in the last trading session were slightly lower than the previous trading session. The local bourse rejected by 30-SMA on daily chart. Daily parabolic SAR (Stop and Reverse) is appearing above the current level of the Index. Volume indicators reflect volume flowing into and out of the local bourse at a relatively equal pace (neutral).

The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,00 and 42,700 area. It is recommended to accumulate positions on weakness with risk defined below support zone.