Karachi: The KSE-100 index experienced a downturn, slipping below its 100-day Simple Moving Average (SMA) during the most recent trading session. The index, which initially opened on a positive note, faced pressure throughout the session, ultimately closing 1,693 points lower at 173,636. Trading volumes also saw a significant decrease, dropping by approximately 30% from the previous session.

According to AKD Securities Limited, the index's decline to an intraday low of 1,725 points, and its close below the 100-SMA mark of 174,256, highlight a short-term weakening trend. The Moving Average Convergence Divergence (MACD) remains bearish, positioned below its signal line since a bearish crossover occurred 12 periods ago, resulting in a 1.82% decline in the KSE-100 index. The index has fluctuated between a high of 178,942 and a low of 173,603 during this time. The Relative Strength Index (RSI) is at 36.94, indicating weak momentum and nearing oversold conditions.

Support for the index is currently pegged at 173,500, with potential further declines to 172,500 and 171,800 if this level is breached. Resistance levels are projected at 175,100, 175,800, and 176,500. A cautious trading approach is advised, with recommendations to accumulate positions on dips while maintaining risk management below the support zone.