KSE-100_Range bound activity witnessed, (AKD Technical Daily Sep 14 2023)
Market View — Technical
The index opened on a flat note and faced a range bound activity. The local bourse posted a high of 224pts and concluded with a gain of 83pts to settle at 45,591pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The Index remained range bound in the last trading session. It is currently trading below 38.2% of the ascend move June’23 low (39,894) to Aug’23 high (49,405). It seems like Index could approach towards 50% of the aforementioned move in near term which is at 44,700 area. Among the momentum oscillators, RSI (Relative Strength Index) is currently trading at 41.47 level which is below the neutral mark. On daily chart, the Index is trading below the middle Bollinger Band.
The chart formation depicts that the index may find initial support near 45,500. A break below mentioned support can result into further weakness towards 45,000 and 44,700pts level. Alternatively, the index can face resistance near 45,800pts initially and then head towards 46,100 and 46,500 area. It is recommended to trade with a cautious approach and use stop loss during intraday trading.
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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