Karachi, April 08, 2023 (PPI-OT): KSE-100: Upward ride amidst improved volumes

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 657ts and concluded with a gain of 634pts to settle at 40,351pts. The volumes clocked in the last trading session were better than the previous trading session. The Index has been consolidating in thin range for last few trading sessions. A decent improvement in Relative Strength Index reading witnessed in the last trading session and it jumped from 34.06 to 47.26 which is near to the neutral mark. The histogram on MACD is approaching towards a neutral zone from negative territory.

The chart formation depicts that the index may find initial support near 39,900. A break below mentioned support can result into further weakness towards 39,500 and 39,200pts level. Alternatively, the index can face resistance near 40,500pts initially and then head towards 40,800 and 41,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.