Karachi: The KSE-100 Index faced a downward shift in its latest session, closing at 78,539, marking a decline of 1,579 points. This movement comes amid fluctuating trading volumes and sets a technical trajectory that could test both support and resistance levels in upcoming sessions.
According to JS Global, trading volumes were reported at 376 million shares, compared to 479 million shares in the previous session. The index now approaches its 30-day moving average (DMA) support level, which stands at 77,962. A breach below this level could see the index heading towards the 50-DMA at 76,580. Conversely, any upward movement faces resistance at 79,010, with further gains possibly extending towards the previous high of 80,086.
Investment analysts at JS Global recommend viewing any pullback in the market as a buying opportunity, suggesting that risks are well-defined below the 30-DMA. The current support and resistance levels are poised at 77,934 and 79,615, respectively, indicating critical points for traders to watch in the near term.