· The index opened on a slightly positive note and remained range bound. The local bourse posted a low of 143pts, a high of 146pts and concluded with a loss of 105pts to settle at 45,507pts level while trading volumes slightly increased by ↓10% DoD. The local bourse is currently 1.1% below its 200-period moving, trend forecasting oscillators are currently bullish and have had this outlook for the last 14 sessions.

· The chart formation depicts that the index may find initial support near 45,400. A break below mentioned support can result into further weakness towards 45,200 and 44,950pts level. Alternatively, the index can face resistance near 45,750pts initially and then head towards 46,000 and 46,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.

Courtesy – AKD Research