Karachi, February 14, 2023 (PPI-OT): KSE-100: Short term correction expected

The index opened on negative note and faced a volatile sessions. The local bourse posted an intraday high of 249pts, a low of 98pts and concluded with a loss of 25pts to settle at 41,717pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. A long shadow candle stick occurred. During the past 10 trading sessions, there have been 7 white candles and 3 black candles for a net of 4 black candles.

The chart formation depicts that the index may find initial support near 41,600. A break below mentioned support can result into further weakness towards 41,400 and 41,100pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,500 and 42,800 area. It is recommended to trade with a cautious approach.