Karachi, October 18, 2022 (PPI-OT): KSE-100: Low volumes witnessed

The index opened on a slightly positive note and remained under pressure during the last trading session. The local bourse posted an intraday high of 40pts, a low of 223pts and concluded with a loss of 193pts to settle at 41,755pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index is trading below 50-SMA (Simple Moving Average) on daily chart. 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 41,700. A break below mentioned support can result into further weakness towards 41,400 and 41,100pts level. Alternatively, the index can face resistance near 42,100pts initially and then head towards 42,400 and 42,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.