A strong bullish move was witnessed at the start of the new week, and the benchmark Kse-100 index finally concluded the session at a level of 46,144.96 with a record gain of 1700.38 points. The index registered a higher high or higher low formation and strongly closed above 200-DMA (45,584), indicating further upside moves for the index. Immediate support stands in b/w 46,040 – 45,907. Weakness under 45,907 would instill liquidation towards 45,804 – 45,742 & later on, 45,600 would be on the cards.

The index level between 46,292 – 46,464 will be an immediate hurdle, and a penetration above it would hint at a test of another & major resistance area, which is defined in b/w 46,655 – 46,843. Considering the momentum indicators on daily charts, all indicate further upside moves for the index.

Considering the chart pattern, there is still rising power in the index, which can help bulls gain further territory towards 46,292 – 46,464 & later, 46,655 – 46,843 marks would be on the cards.

Courtesy – AHL Technical