Karachi: The KSE-100 index ended the trading session on a positive note, closing 1,674 points higher at 167,191, after reaching an intraday high of 2,772 points. Despite a slight decline in trading volumes by approximately 1% compared to the previous session, the market maintained a bullish outlook throughout the day.
According to AKD Securities Limited, the index's performance was notable as it surpassed the 50-day simple moving average, suggesting a potential move towards the 100-day moving average in the near term. The index closed 7.7% above the upper Bollinger Band, highlighting the possibility of further gains, although the broader outlook remains uncertain due to the Bollinger Bands being 39.34% wider than usual, indicating higher volatility.
Immediate support for the index is identified at 166,900, with a breach below this level potentially extending declines towards 165,100 and 164,100. Resistance levels are expected at 168,300, followed by 169,500 and 170,800. Market participants are advised to consider accumulating positions during periods of weakness, with risk management strategies in place below the support zone.