Karachi: The KSE-100 index demonstrated resilience on a day marked by volatility, closing with a 313-point loss at 119,949 after initially gaining 544 points. Despite a slowdown in trading activity, with a 24% decline in volumes from the previous session, the index remained above key moving averages, signaling a potentially bullish short-term outlook.

The movement of the KSE-100 index was characterized by fluctuations, reflecting market uncertainty. Among momentum indicators, the Relative Strength Index (RSI) was recorded at 58.47, indicating a level of strength above the neutral zone. Additionally, the daily Parabolic SAR indicator positioned below the current index level suggests a continuation of the bullish trend in the short term.

On the technical front, immediate support for the index is identified at 119,600. Breaching this level could lead to further declines towards 118,800 and 118,300. Conversely, resistance is anticipated around the 120,500 mark, with further potential targets at 121,300 and 122,000. Market analysts recommend accumulating positions with risks defined below the support zone to navigate the current market conditions.

The insights, provided by AKD Securities Limited, point to a cautious approach, as the index navigates a challenging trading environment while maintaining a position above significant technical indicators.