Karachi: The KSE-100 index endured a volatile trading session, opening on a positive note but ultimately concluding with a loss. The index posted a high of 499 points and a low of 310 points before settling at 78,629 points, marking a decline of 199 points. The trading volumes were noted to be higher than the previous session, indicating significant market activity.
According to AKD Securities Limited, the KSE-100 is currently sustaining above major moving averages on the daily chart. The daily parabolic Stop and Reverse (SAR) indicator is appearing above the current level of the index. The Relative Strength Index (RSI) is near the neutral mark at 49.19, suggesting potential shifts in market momentum. The technical analysis forecasts initial support for the index near 78,500 points. A break below this level could lead to further declines towards 78,100 and 77,800 points. Conversely, resistance is expected near 79,100 points, with potential to ascend towards 79,500 and 80,100 points. Investors are advised to initiate buying positions on market weakness, with risks defined below the support zone.
The report also detailed specific scrips, including Fauji Fertilizer Company (FFC), Searle Company Limited (SEARL), Oil and Gas Development Company (OGDC), Punjab Abrasives Limited (PABC), and Fauji Fertilizer Bin Qasim Limited (FFBL), outlining their buy range, target, and stop loss levels. Similarly, selling ranges and targets were noted for Telecard Limited (TELE), Azgard Nine Limited (ANL), Ghani Global Holdings (GGL), TPL Properties (TPLP), and Pakistan Refinery Limited (PRL), guiding investors on potential exit points.