Karachi, October 21, 2022 (PPI-OT): KSE-100: Sustaining above 50-Moving Average

The index opened on a slightly positive note and remained volatile during the last trading session. The local bourse posted an intraday high of 196pts, a low of 130pts and concluded with a gain of loss of 89pts to settle at 42,137pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is currently sustaining above 50-SMA on daily chart. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index which cements a bullish view. Among the strength Indicators, RSI (Relative Strength Index) is currently at 56.15 which is above the neutral mark.

The chart formation depicts that the index may find initial support near 42,100. A break below mentioned support can result into further weakness towards 41,800 and 41,400pts level. Alternatively, the index can face resistance near 42,400pts initially and then head towards 42,800 and 43,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.