Karachi, February 22, 2023 (PPI-OT): KSE-100: Closed with a bullish bias

The index opened on a positive note and faced a volatile session amidst low volumes. The local bourse posted an intraday high of 293pts and concluded with a gain of 276pts to settle at 40,950pts. The volumes clocked in the last trading session were slightly higher than the previous trading session. The index is currently below 200-SMA on daily chart. During the last ten trading sessions, there have been 6 white candles and 4 black candles for a net of 2 white candles. The Index closed above the lower band by 47.8%. Bollinger Bands are 13.21% narrower than normal.

The chart formation depicts that the index may find initial support near 40,600. A break below mentioned support can result into further weakness towards 40,300 and 40,100pts level. Alternatively, the index can face resistance near 41,200pts initially and then head towards 41,600 and 41,900 area. It is recommended to trade with a cautious approach.