KSE-100_Inches up amidst low volumes, (AKD Technical Daily Apr 06 2023)
AKD Daily Technical
KSE-100: Inches up amidst low volumes,
Market View — Technical
The index opened on a positive note and remained firm throughout the last trading session. The local bourse posted an intraday high of 223pts and concluded with a gain of 30pts to settle at 39,717pts. The volumes clocked in the last trading session were slightly better than the previous trading session. The Index has been consolidating in thin range for last few trading sessions. The Index is currently trading below minor and major moving averages on daily chart. Relative Strength Index value is currently at 34.06 which is below neutral mark and near to the oversold reading. The MACD crossed below its signal line 11 trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 2.94% and has ranged from a high of 41,398 to a low of 39,482.
The chart formation depicts that the index may find initial support near 39,500. A break below mentioned support can result into further weakness towards 39,200 and 38,800pts level. Alternatively, the index can face resistance near 40,000pts initially and then head towards 40,400 and 40,700 area. It is recommended to accumulate positions on weakness with risk defined below support zone.
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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