Karachi, March 20, 2023 (PPI-OT): KSE-100: Profit taking emerges

The index opened on a positive note and faced a volatile session amidst good volumes. The local bourse posted an intraday high of 115pts, a low of 423pts and concluded with a loss of 364pts to settle at 41,330pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The Index settled below 200-SMA (Simple Moving Average) on daily chart. Among the strength Indicators, RSI (Relative Strength Indicator) is currently at 51. The MACD crossed above its signal line 8 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 0.01% and has ranged from a high of 42,292 to a low of 41,270. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index.

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 41,800pts initially and then head towards 42,100 and 42,300 area. It is recommended to trade with a cautious approach.