KSE-100 - Profit taking amidst good volumes, (AKD Technical Daily May 05 2023)
Market View — Technical
The index opened on a positive note and faced a volatile session in the last trading session. The local bourse posted an intraday high of 249pts, a low of 32pts and concluded with a gain of 6pts to settle at 42,094pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The local bourse closed above the upper band by 3.6%. Although levels have broken the upper band, the most likely scenario is for the current trading range that KSE100 is in to continue with minor corrections. During the past 10 trading sessions sticks, there have been 7 white sticks and 3 black sticks for a net of 4 white sticks.
The chart formation depicts that the index may find initial support near 41,800. A break below mentioned support can result into further weakness towards 41,500 and 41,100pts level. Alternatively, the index can face resistance near 42,300pts initially and then head towards 42,500 and 42,800 area. It is recommended to book profits on defined resistance zone and trade with a cautious approach.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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