Karachi, March 24, 2022 (PPI-OT): KSE-100 – Hovering near an important support

The index opened with a positive bias and remained bullish throughout the last trading session. The Index posted a high of 358pts and concluded with a gain of 200pts to settle at 43,230pts level. The volumes witnessed during the last trading session were lower than the previous trading session. The local bourse is currently hovering near an important support zone and still trading below major moving averages on daily chart. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the index.

The chart formation depicts that the index may find initial support near 43,000. A break below mentioned support can result into further weakness towards 42,700 and 42,500pts level. Alternatively, the index can face resistance near 43,450pts initially and then head towards 43,700 and 44,000 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.