Karachi: In a robust display of market strength, the KSE-100 index not only opened strong but also maintained its bullish momentum throughout the last trading session, ultimately gaining 409 points to close at 86,467. The session saw a significant increase in trading volumes, which jumped by 73% compared to the previous session.
According to AKD Securities Limited, the local stock exchange experienced a gap up at the opening of the last trading session, indicating a potential Runaway Gap, which typically suggests that the current trend will continue. Volume indicators show moderate inflows, mildly supporting the bullish trend. Trend forecasting oscillators have maintained a bullish stance for the past 33 trading sessions, further reinforcing the positive outlook. The technical analysis suggests that the index might find initial support around the 86,000 point mark. Should it break below this level, the index could see further declines towards 85,600 and 85,350 points. Conversely, resistance is anticipated near 86,500 points, with potential to extend towards 87,200 and 87,560 points. Investors are advised to consider buying positions, with risks defined below the support zone.