Karachi: The KSE-100 index experienced a notable upward movement, starting the trading session with an impressive gap of over 1,100 points. This bullish momentum was sustained throughout the day, as the index reached an intraday high of 2,303 points before settling with a gain of 1,171 points, closing at 162,803. Market activity showed little change from the previous session, reflecting a consistent trading environment.

The index continues to trade significantly above its 200-period moving average, showing an upward trend. Despite the elevated volatility compared to the average of the last ten sessions, volume indicators point to moderate outflows from the index. The Relative Strength Index (RSI), a key momentum indicator, stands at 52.17, indicating a slightly bullish sentiment just above the neutral mark.

In terms of technical analysis, immediate support is identified at 162,500. A breach below this level could lead to further declines towards 161,700 and 161,100. Conversely, resistance is anticipated around 162,500, followed by higher thresholds at 163,500 and 164,000. The recommendation is to accumulate positions near the support zone, with a risk strategy defined by a closing below this level.