Karachi, April 11, 2023 (PPI-OT): KSE-100 – Low volumes witnessed

The index opened on a slightly positive note and remained volatile throughout the last trading session amidst low volumes. The local bourse posted an intraday high of 134pts, a low of 234pts and concluded with a loss of 214pts to settle at 39,836pts. The volumes clocked in the last trading session were lower than the previous trading session. During the past 10 trading sessions, there have been 3 white candles and 7 black candles for a net of 4 black candles. The Index is currently 3.6% below its 200-period moving average. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. RSI (14) is currently at 40.28.

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.