AKD Securities Limited – AKD Technical Daily (18 Sep 2023)

Karachi, September 18, 2023 (PPI-OT): KSE-100 - Sustaining above 10-SMA

The index opened amidst runaway gap and faced a bullish session. The local bourse posted a high of 443pts and concluded with a gain of 104pts to settle at 45,754pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index is sustaining above 10-SMA on daily chart and showing strength above daily SAR (Stop and Reverse). Among the momentum Oscillators, RSI (Relative Strength Index) is showing a reading at 43.75. The Index closed above the lower band by 35.1%. Bollinger Bands are 12.30% wider than normal. Volatility is low as compared to the average volatility over the last ten trading sessions.

The chart formation depicts that the index may find initial support near 45,500. A break below mentioned support can result into further weakness towards 45,000 and 44,700pts level. Alternatively, the index can face resistance near 46,000pts initially and then head towards 46,500 and 46,900 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.