Karachi, April 03, 2023 (PPI-OT): KSE-100 – Consolidating in a thin range

The index opened on a positive note and faced a volatile session. The local bourse posted an intraday high of 153pts, a low of 119pts and concluded with a gain of 153pts to settle at 40,001pts. The volumes clocked in the last trading session were higher than the previous trading session. The Index is currently trading below major moving averages on daily chart. The Index has been consolidating in a thin range for the last five trading sessions and is currently 3.4% below its 200-period moving average. Volatility is relatively less as compared to the average volatility over the last ten trading sessions. Daily parabolic SAR (Stop and Reverse) is currently appearing above 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 40,400pts initially and then head towards 40,700 and 41,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.