Karachi, February 06, 2023 (PPI-OT): KSE-100 – Index remains volatile

The index opened on a slightly positive note and faced a volatile trading session. The local bourse posted an intraday high of 141pts, a low of 404pts and concluded with a loss of 262pts to settle at 40,471pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line almost six trading sessions ago. Since the MACD crossed its moving average the Index has decreased 0.92% and has ranged from a high of 41,096 to a low of 39,843. Parabolic SAR (Stop and Reverse) on daily chart is currently appearing below the current level of the Index.

The chart formation depicts that the index may find initial support near 40,100. A break below mentioned support can result into further weakness towards 39,800 and 39,500pts level. Alternatively, the index can face resistance near 40,650pts initially and then head towards 40,900 and 41,300 area. It is recommended to book profits on strength.