KARACHI: The KSE-100 index concluded a tumultuous trading session on a downbeat note, as it closed 200 points lower at 176,967. The session saw significant volatility with the index reaching an intraday high of 956 points before pulling back to a low of 431 points. Trading volumes saw a modest increase of approximately 8% compared to the previous session.

According to AKD Securities Limited, technical indicators pointed to continued selling pressure in the market. Over the past ten trading sessions, the index has produced six more bearish candles than bullish ones. The Relative Strength Index (RSI) is at 46.60, which is below the neutral level of 50, suggesting weak momentum. Additionally, the daily Parabolic SAR remains positioned above the current index level, indicating ongoing short-term bearish pressure. The KSE-100 is also trading below its 21-day Simple Moving Average (SMA) of 178,129, signaling further weakness in the short-term trend.

Technical analysis suggests immediate support at 176,800, with potential declines toward 175,500 and 174,500 if breached. Resistance is anticipated around 177,800, with further resistance at 178,800 and 179,500. The recommendation is to adopt a cautious trading approach, accumulating positions on dips and defining risk below the support zone.