The local market traded in a narrow range on Friday, with the Kse-100 index oscillating between 45,312.05 points intra-day high (up by 229.01 points) and 45,042.25 points intra-day low level (down by 40.79 points), and finally, the index closed at a level of 45,077.91 with a meagre decline of 5.13 points.

The current chart patterns show a shrinking trading range, which suggests that the index is expected to trade sideways.

The range between 44,955 – 44,846 would be immediate support; the latter represents a point below which selling can be intensified towards 44,712 – 44,594 while supply could be observed in b/w 45,165 – 45,299 and later at 45,469 – 45,544.

Given that the price action has been extremely choppy, we expect similar activity to continue ahead; to avoid being burnt by any sharp move on either side, we suggest strictly observing the risk levels.

Courtesy – AHL Technical