KSE-100_Tests 200-SMA on weekly chart, (AKD Technical Daily Dec 20 2022)
AKD Daily Technicals
KSE-100: Tests 200-SMA on weekly chart,
Market View — Technical
The index opened on a slightly negative note and faced a volatile session. The local bourse posted an intraday high of 92pts, a low of 487pts and concluded with a loss of 331pts to settle at 40,971pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index is currently hovering near 200 weekly moving average. Among strength indicators, RSI (Relative Strength Index) is currently trading below the neutral level. Daily parabolic SAR (Stop & Reverse) is appearing above the current level of the Index.
The chart formation depicts that the index may find initial support near 40,850. A break below mentioned support can result into further weakness towards 40,600 and 40,400pts level. Alternatively, the index can face resistance near 41,200pts initially and then head towards 41,600 and 41,900 area. It is recommended to trade with a cautious approach.
AKD Research
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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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