Karachi: The KSE-100 index closed below the 21-day Simple Moving Average (SMA) following a session characterized by volatility and increased trading activity. The index opened positively but recorded an intraday high and low of 861 and 827 points, respectively, before closing 638 points down at 177,624. Market volumes saw a notable increase of approximately 24% compared to the previous session.

According to AKD Securities Limited, technical indicators reflect mixed signals with the market posting four bullish candles against six bearish ones over the last 10 trading sessions, resulting in a net of two bearish candles. The daily Parabolic SAR remains below the current index level, suggesting that a broader upward trend persists. The Relative Strength Index (RSI) is at 51.51, slightly above the neutral 50 mark, indicating a mild bullish momentum despite the decline in the last trading session.

Technical analysis points to immediate support at 176,100, with a potential breach extending the decline to 175,600 and 174,500. Resistance levels are anticipated around 179,100, followed by 179,800 and 180,500. Market participants are advised to accumulate positions, keeping risk management strategies in place below the support zone.