Karachi, April 26, 2023 (PPI-OT): KSE-100: Heading towards 200-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 587pts and concluded with a gain of 509pts to settle at 41,008pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index seems to approach near 200-period moving average in near term. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace.

The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,500 and 40,200pts level. Alternatively, the index can face resistance near 41,300pts initially and then head towards 41,800 and 42,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.