Karachi, April 13, 2023 (PPI-OT): KSE-100 – Closes with a bullish bias

The index opened on a slightly positive note and remained bullish throughout the last trading session amidst improved volumes. The local bourse posted an intraday high of 369pts and concluded with a gain of 321pts to settle at 40,126pts. The volumes clocked in the last trading session were higher than the previous trading session. The Index is currently 2.9% below its 200-period moving average on daily chart. Volume indicators reflect volume flowing into and out of KSE100 at a relatively equal pace. Daily parabolic SAR is currently appearing below the current level of the Index.

The chart formation depicts that the index may find initial support near 39,800. 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.