KSE-100: The index may find initial support near 80,300, a crucial level for the market.

  • Post author:
  • Post category:PSX
  • Reading time:1 mins read

The index opened positively and remained volatile throughout the last trading session. The local bourse posted a high of 525pts, a low of 20pts and concluded with a gain of 353pts to settle at 80,566pts. The volumes witnessed in the last trading session were lower than in the previous. The Index closed below the upper band by 19.8%. Bollinger Bands are 71.59% wider than normal. The bands’ large width suggests high volatility compared to the normal range of the Index. The probability of volatility decreasing and entering (or remaining in) a trading range has increased for the near term. 

The Chart formation suggests that the index may find initial support near 80,300, a crucial market level. A break below this support could lead to further weakness towards the 79,800 and 79,500pts levels. On the other hand, the index could face resistance near 80,900pts initially and then head towards the 81,400 and 81,700 area. It is recommended to trade cautiously and accumulate positions near the support zone, with risk defined below the support zone, providing a sense of security in your trading strategy.

Courtesy: AKD Research


Sharing is caring

Leave a Reply