Karachi: The Karachi Stock Exchange's benchmark index, the KSE-100, experienced another day of consolidation, closing slightly higher at 78,824, up by 379 points. The trading volume was notably lower than the previous session, with 306 million shares exchanged.
According to JS Global, the KSE-100 struggled to maintain its intraday high of 79,536 and saw a decrease in trading volume compared to the previous session. The index faces significant support and resistance levels. If it falls below 78,428, it could see further declines to 77,909 and 77,158. Conversely, any upward movement will encounter resistance between 78,930 and 79,540, with a break above this range potentially targeting a new all-time high of 80,060.
Market indicators are showing mixed signals, suggesting uncertainty in the trading direction. JS Global advises investors to adopt a strategy of selling on strength, with a defined risk strategy above 79,536. The current support and resistance levels are set at 78,322 and 79,431, respectively.