Karachi, 11 Oct 2023:A conspicuous uplift in the Karachi Stock Exchange (KSE-100 Index) has been noted as it maintained a bullish demeanor throughout the latest trading session, according to a research report from AKD Securities Limited. The index not only commenced on a buoyant note but also persisted in this trajectory, registering a noteworthy high of 445 points and culminating with a gain of 419 points, settling comfortably at 48,140 points. A notable aspect during this trading session was the relatively elevated trading volumes compared to the preceding session, providing a window into the prevailing sentiment among investors and traders in the market.

Specifically, among the momentum indicators, the Relative Strength Index (RSI) is currently positioned at 73.82. The Moving Average Convergence Divergence (MACD), another vital indicator, continues to traverse in the positive trajectory and has remained above its signal line for the past 12 trading sessions. From the point where the MACD crossed its moving average, the local bourse has observed a 4.19% augmentation and has fluctuated between a high and low of 48,166 and 45,733 points, respectively.

The chart formations propose that the index might encounter initial support proximate to 47,800 points. A breach below this articulated support could potentially usher in additional frailty towards 47,500 and 47,200 points level. Conversely, the index could encounter resistance, initially near 48,500 points, subsequently navigating towards 48,800 and 49,200 areas. The report from AKD Securities Limited advises investors to accumulate positions on weakness, pointing towards a strategic approach amidst the buoyant market conditions.