Karachi, October 06, 2023 (PPI-OT): KSE-100: Trades above upper Bollinger band

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 405pts and concluded with a gain of 373pts to settle at 47,452pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index sustaining well above major moving averages on daily chart. A white body candle occurred in the last trading session as Index closed higher than it opened. During the past 10 trading sessions, there have been 7 white candles and 3 black candles for a net of 4 white candles.

The chart formation depicts that the index may find initial support near 47,200. A break below mentioned support can result into further weakness towards 47,000 and 46,800pts level. Alternatively, the index can face resistance near 47,500pts initially and then head towards 47,800 and 48,000 area. It is recommended to accumulate positions on weakness.