Karachi: The Karachi Stock Exchange 100 Index witnessed range-bound activity on Wednesday, as market volatility persisted throughout the trading session. The index began on a positive note but ended the day with a 50-point loss, closing at 119,103.

Intraday trading saw the index fluctuate, hitting a high of 389 points and a low of 488 points. The trading momentum was notably slower, with the volume decreasing by 55% compared to the previous session.

From a technical perspective, the Moving Average Convergence Divergence (MACD) indicator remains in bullish territory, trading above its signal line. The MACD crossover, which took place eight sessions ago, has seen the index achieve a modest gain of 0.44%, experiencing variations between a peak of 120,699 and a trough of 116,860.

In terms of chart analysis, immediate support for the index is established at 118,800. Should this level be breached, it could lead to further declines toward 118,400 and 117,500. Conversely, resistance is anticipated around 119,800, with potential upward targets at 120,500 and 121,300. Analysts recommend accumulating positions, provided the risk is managed below the support zone.

The report was sourced from AKD Securities Limited and disseminated through their research channel.