Karachi, March 21, 2022 (PPI-OT): KSE-100 Declines by 777pts

The index opened with a negative bias and remained bearish throughout the last trading session. The Index posted a low of 819pts and concluded with a loss of 777pts to settle at 43,030pts level. The volumes witnessed during the last trading session were higher than the previous trading session. The local bourse is currently 6.2% below its 200-period moving average. Daily parabolic SAR is appearing below the current level of the index.

The chart formation depicts that the index may find initial support near 42,700. A break below mentioned support can result into further weakness towards 42,500 and 42,200pts level. Alternatively, the index can face resistance near 43,300pts 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.