· The PSX index opened with a negative bias and remained bearish throughout the last trading session. The local bourse posted a low of 670pts and concluded with a loss of 290pts to settle at 44,514pts level. The volumes witnessed during the last trading session were comparatively higher than the previous trading session. During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles.

· The chart formation depicts that the index may find initial support near 44,350. A break below mentioned support can result into further weakness towards 44,100 and 43,900pts level. Alternatively, the index can face resistance near 44,800pts initially and then head towards 45,000 and 45,250 area. It is recommended to accumulate positions on weakness with risk defined below support zone.

Courtesy – AKD Research