Karachi, February 08, 2023 (PPI-OT): KSE-100 – Approaches near 200-SMA

The index opened with a positive bias and remained bullish throughout the last trading session. The local bourse posted an intraday high of 573pts and concluded with a gain of 332pts to settle at 41,523pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 8 trading sessions earlier. Since the MACD crossed its moving average, the Index has increased 1.66% and has ranged from a high of 41,763 to a low of 39,842.

The chart formation depicts that the index may find initial support near 41,200. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,850pts initially and then head towards 42,200 and 42,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.