Karachi: After a day marked by volatility, the KSE-100 Index concluded with a modest drop of 48 points, closing at 79,944 points. Despite the decline, trading volumes increased from the previous session, highlighting a mix of investor reactions.

According to AKD Securities Limited, the market opened on a positive note but soon encountered fluctuations, reaching a high of 329 points above the opening and a low that dipped 1,381 points below it during the session. The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator, remains bearish as it continues to trade below its signal line, having crossed below just one trading session prior.

The Relative Strength Index (RSI), another key momentum oscillator, recorded a level of 67.00, suggesting that the market is nearing overbought territory but still has some momentum. The Daily Parabolic SAR, a system that helps determine potential reversals in the market price direction of traded goods such as stocks, appeared above the index’s current level, indicating potential downward pressure.

The report provided by AKD Securities indicates that if the index breaks below the immediate support level of 79,700 points, it could see further declines towards 79,500 and 79,100 points. On the upside, resistance is pegged near 80,400 points, and overcoming this could push the index towards 80,700 and potentially 81,100 points. Investors are advised to maintain a cautious approach due to the current market unpredictability.