Karachi, February 24, 2023 (PPI-OT): KSE-100: Approaching towards support zone

The index opened on a positive note and faced a bullish session amidst The index opened on a flat note and faced a bearish session. The local bourse posted an intraday low of 395pts and concluded with a loss of 329pts to settle at 40,839pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Currently the MACD is in negative territory and is trading below its signal line. The MACD crossed below its signal line 3 trading sessions. Since the MACD crossed its moving average, the Index has increased 0.41% and has ranged from a high of 41,213 to a low of 40,624.

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 40,200 and 39,800pts 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 accumulate positions on weakness with defined below support zone.