Karachi: The KSE-100 index experienced a turbulent trading day, opening with strength and displaying volatility throughout. It reached a peak of 579 points, dipped to a low of 282 points, and ultimately closed at 93,355, marking a gain of 131 points. The trading volumes, however, witnessed a decline of 28% compared to the previous session.

According to AKD Securities Limited, during the past ten trading sessions, the index has shown an equal number of green and red candles, indicating a balanced but unpredictable market sentiment. Among the momentum indicators, the Relative Strength Index (RSI) currently reads at 75.57, suggesting that the market may be in an overbought condition. Additionally, the daily parabolic SAR (Stop and Reverse) appears below the current level of the index, which may imply a bullish trend continuation.

The chart analysis suggests that initial support for the index might be found near the 92,800-point level. Should the index break below this support, it could lead to further declines towards 92,500 and possibly 92,200 points. On the upside, resistance is anticipated initially around 93,600 points, with further upward targets at 94,000 and 94,600 points. Investors are advised to focus on profit-taking strategies amidst these market conditions.