Karachi, June 01, 2023 (PPI-OT): KSE-100 - Hovering around 200-SMA

The index opened on a positive note and faced a volatile trading session. The local bourse posted a high of 181pts, a low of 407pts and concluded with a loss of 341pts to settle at 41,331pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index closed is hovering near 200-Simple Moving Average on daily chart. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Volume indicators reflect volume flowing into and out of KSE100 at a relatively equal pace.

The chart formation depicts that the index may find initial support near 41,200. A break below mentioned support can result into further weakness towards 41,000 and 40,800pts level. Alternatively, the index can face resistance near 41,500pts initially and then head towards 41,800 and 42,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.