Karachi, May 03, 2023 (PPI-OT): KSE-100: Closes with a bullish bias
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 409pts and concluded with a gain of 347pts to settle at 41,928pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index is currently sustaining above minor and major moving averages on daily chart. The Index is approaching towards an important trend line. Among the Strength indicators, RSI (Relative Strength Index) is currently trading at a level 71.56.
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 42,500 and 43,000 area. It is recommended to book profits on defined resistance zone and trade with a cautious approach.