KSE-100_Closes above 67K (AKD Technical Daily 01-04-24)
AKD Daily Technical
KSE-100_Closes above 67K
Market View — Technical
The index opened on a positive note and remained volatile throughout the last trading sessions. The local bourse posted a high of 166pts, a low of 137pts and concluded with a loss of 137pts to settle at 67,005pts. The volumes witnessed in the last trading session were lower than the previous trading session. Among the momentum oscillators, RSI is showing a reading at 66.16. The MACD is bullish since it is trading above its signal line. The Index closed below the upper band by 1.0%. Bollinger Bands are 48.54% narrower than normal. The narrow width of the bands suggests low volatility as compared to the normal range.
The chart formation depicts that the index may find initial support near 66,500. A break below mentioned support can result into further weakness towards 66,100 and 65,800pts level. Alternatively, the index can face resistance near 67,400pts initially and then head towards 67,800 and 68,200 area. It is recommended to trade with a cautious approach and accumulate positions near support zone with risk defined below it.
AKD Research
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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