Karachi: The KSE-100 index surged to impressive levels, closing with a gain of 1,348 points at 121,799, following a session dominated by bullish sentiment. The index reached an intraday high of 1,432 points, marking a significant upward trend, despite a 7% drop in trading volume compared to the previous session.

The day commenced with a positive gap, indicating bullish momentum on normal trading volumes. Analysts suggest the possibility of a Runaway Gap, as the index remains 17.4% above its 200-period moving average. This positions the index in a robust upward trend, with high volatility noted over the last 10 trading sessions.

Volume indicators currently show a neutral scenario, with volume flowing in and out of the index at a balanced rate. Bullish trend forecasting oscillators have maintained their outlook for the past 12 sessions, underscoring the market's optimistic trajectory.

The current chart suggests immediate support at 121,500. A breach of this level could see the index fall towards 120,800 and 120,300. Conversely, resistance is anticipated around 122,300, with further potential targets of 122,800 and 123,400. Market analysts recommend accumulating positions with risks defined below the support zone.

These insights are based on the latest analysis from AKD Securities Limited, which continues to monitor the market dynamics closely.