Karachi, March 24, 2023 (PPI-OT): KSE-100 Faces a bearish session

The index opened on a slightly positive note and faced a bearish trading session amidst low volumes. The local bourse posted an intraday high of 120pts, a low of 526pts and concluded with a loss of 502pts to settle at 40,376pts. The volumes clocked in the last trading session were slightly improved than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line 2 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 1.33% and has ranged from a high of 41,398 to a low of 40,352.

The chart formation depicts that the index may find initial support near 40,200. A break below mentioned support can result into further weakness towards 39,800 and 39,500pts level. Alternatively, the index can face resistance near 40,700pts initially and then head towards 41,000 and 41,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.