Karachi, 16 Oct 2023: The KSE-100 Index showcased a robust performance in its last trading session, opening on an optimistic trajectory and maintaining bullish momentum throughout. According to a recent report from AKD Securities Limited, the index surged by 722 points to finalize at 49,493 points, a significant uptick from its previous position. This advancement was complemented by an increase in trading volume compared to the prior session.

Currently, the KSE-100 Index stands at 15.4% above its 200-period moving average, suggesting a sustained upward movement. Volume indicators corroborate this sentiment, showing a considerable influx of volume into the Index. The trend forecasting oscillators have held a bullish perspective for the preceding nine trading sessions, emphasizing the index's continued growth potential.

However, as the momentum oscillator points out, the local market is now in an overbought state. The charting patterns indicate that initial support for the index might lie around the 49,200 points mark. Should it breach this threshold, it may further weaken towards the 48,800 and then the 48,500 points levels. Conversely, the index might encounter resistance at approximately 49,600 points and, if surpassed, could rally towards 49,800 and even the 50,400 points zones.

In light of these projections, AKD Securities Limited advises traders to proceed with caution and consider accumulating their positions during any market weaknesses.