Karachi, February 15, 2023 (PPI-OT): KSE-100: Faced a bearish session

The index opened on a slightly positive note and faced a volatile sessions. The local bourse posted an intraday high of 132pts, a low of 670pts and concluded with a loss of 567pts to settle at 41,150pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. An engulfing bearish candle occurred. It usually signifies that the momentum may be shifting from the bulls to the bears.

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 41,550pts initially and then head towards 41,800 and 42,100 area. It is recommended to trade with a cautious approach.