Karachi, September 01, 2022 (PPI-OT): KSE-100: Closes below middle Bollinger band

The index opened on a slightly positive note and faced a volatile session. The local bourse posted an intraday high of 277pts, a low of 121pts and concluded with a gain of (Upward) 156pts to settle at 42,351pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is consolidating below middle Bollinger band on daily chart. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of the index at a relatively equal pace.

The chart formation depicts that the index may find initial support near 42,000. A break below mentioned support can result into further weakness towards 41,800 and 41,500pts level. Alternatively, the index can face resistance near 42,600pts initially and then head towards 42,900 and 43,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.