Karachi, 17 Oct 2023:The KSE-100 index marked another positive day, despite the roller-coaster fluctuations it faced, according to the latest research report by AKD Securities Limited. The index surged by 238 points to conclude at 49,731 points, navigating through highs of 426 points and lows of 176 points during the session. This development in the local bourse, while showing consistency in its bullish trend, did record slightly subdued volumes compared to the preceding trading session.

Historically looking at the past ten trading days, a noteworthy dominance of white candles was observed with nine positive days against just a single negative session. This momentum was also corroborated by the Moving Average Convergence Divergence (MACD) indicator, which remained bullish as it consistently traded above its signal line. Ever since the MACD surpassed its moving average, the stock market has experienced a commendable rise of 7.64%, oscillating between the highest peak of 49,919 points and a low of 45,733 points.

Based on the chart interpretations, the index could potentially encounter an initial support around the 49,400 points range. Should it break this support threshold, the market might tilt towards a weakened state, potentially diving down to the 49,200 and further to the 48,800 points mark. Conversely, the index might face an initial resistance close to the 49,900 points level. If it manages to surpass this resistance, the next significant milestones to watch out for would be 50,400 and subsequently the 50,800 points territory. In light of these analyses, AKD Securities advises traders to exercise caution in their approach.