Karachi, July 10, 2023 (PPI-OT): KSE-100 - Range bound activity witnessed

The index opened on a flat note and traded in a narrow range during the last trading session. The local bourse posted a high of 115pts, a low of 92pts and concluded with a gain of 29pts to settle at 44,207pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The Index closed below the upper band by 4.9%. Bollinger Bands are 117.84% wider than normal. The large width of the bands suggest high volatility as compared to the normal range of Index. The bands have been in this wide range for the last five trading sessions.

The chart formation depicts that the index may find initial support near 43,800. A break below mentioned support can result into further weakness towards 43,400 and 42,800pts level. Alternatively, the index can face resistance near 44,500pts initially and then head towards 45,000 and 45,300 area. It is recommended to trade with a cautious approach and focus on profit taking.