Karachi, August 16, 2023 (PPI-OT): KSE-100 - Closes above 10-SMA

The index opened on a positive note and faced a volatile session. The local bourse posted a high of 370pts, a low of 131pts and concluded with a gain of 141pts to settle at 48,566pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The Index closed above 10-SMA (Simple Moving Average) on daily chart. The MACD crossed below its signal line three trading sessions ago. Since the MACD crossed its moving average, the local bourse has increased 0.70% and has ranged from a high of 48,899 to a low of 47,262.

The chart formation depicts that the index may find initial support near 48,300. A break below mentioned support can result into further weakness towards 48,000 and 47,700pts level. Alternatively, the index can face resistance near 48,900pts initially and then head towards 49,400 and 49,700 area. It is recommended to trade with a cautious approach and focus on profit taking.