Karachi: The KSE-100 Index took a steep dive today, shedding 831 points to close at 79,842, marking a significant downward movement in a highly volatile session. The day started on a hopeful note with the index initially gaining 300 points, but the momentum could not be sustained, leading to a sharp decline. This big bearish candle, indicating a close significantly lower than the opening level, suggests a bearish outlook for the market.

According to AKD Securities Limited, the trading volume was also lower compared to the previous session, adding to the market's woes. The Relative Strength Index (RSI) dipped below 70, moving out of a topping formation which, combined with the day’s bearish candle, could signal further declines if the index breaks below the immediate support level of 79,800 points. Market analysts recommend a cautious trading approach as the index might test further support levels at 79,500 and 79,100 points, while resistance is pegged near 80,400 points.

The market’s immediate future seems uncertain, with equal numbers of positive and negative sessions over the past ten days. As traders and investors brace for potential further declines, strategic planning and careful market analysis become crucial in navigating these turbulent times.