Karachi, March 10, 2023 (PPI-OT): KSE-100: Shooting star candle witnessed

The index opened on a positive note and faced a bullish trading session. The local bourse posted an intraday high of 284pts and concluded with a gain of 24pts to settle at 41,359pts. The volumes clocked in the last trading session were slightly higher than the previous trading session. The Index is currently 0.3% below its 200-period moving average. Volatility is low 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 41,200. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 41,800 and 42,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.