Karachi: The KSE-100 Index witnessed significant selling pressure, closing with a loss of 1,950 points at 122,144, after hitting an intraday low of 2,487 points. Trading volume fell by 36% compared to the previous session, underscoring a notable decline in market activity.

The index opened on a bearish note, with a gap in average volume pointing to the possible formation of a Runaway Gap. This pattern typically suggests a continuation of the current trend. Despite this downturn, the index remains 16.5% above its 200-period moving average, maintaining its overall upward trajectory. Volatility is subdued compared to the average of the last 10 sessions, with trend forecasting oscillators continuing to indicate a bullish outlook for the past 17 sessions.

Immediate support is identified at 121,800. A breach of this level could lead to further declines toward 121,300 and 120,600. Conversely, resistance is anticipated around 122,500, with further potential targets at 123,200 and 123,800. Investors are advised to consider accumulating positions, defining risk below the support zone.