Karachi: The KSE-100 index faced a turbulent trading day, closing sharply lower after a volatile session. Opening on a positive note, the index hit an intraday low of 6,561 points before partially recovering. However, it ultimately ended the session with a sharp decline of 3,560 points, closing at 110,009.

Despite a significant recovery from its intraday low, the index could not sustain upward momentum, indicating continued downward pressure. Trading volumes surged by 58% compared to the previous session, reflecting heightened market activity.

Technically, the index closed 12.8% below the lower Bollinger Band, suggesting a strong likelihood of continued downward movement. However, a short-term rebound within the bands remains plausible. The Bollinger Bands are currently 8.34% wider than usual, indicating elevated volatility.

Immediate support for the index is identified at 108,800. Should this level be breached, further declines toward 108,100 and 107,000 may occur. Conversely, resistance is anticipated around 112,100, with further potential targets at 112,800 and 113,500.

Market participants are advised to trade cautiously and employ stop-loss strategies amid the current volatility. The report is based on analysis provided by AKD Securities Limited.