Karachi, The Karachi Stock Exchange (KSE)-100 Index remained bullish during the last trading session, closing with a significant gain, yet faces potential resistance points that may challenge its upward trajectory. The market’s movement is closely watched by investors given the current economic indicators and trading behaviors.

According to AKD Securities Limited, the KSE-100 opened positively and maintained its momentum throughout the session, posting a high of 1,057 points and concluding with a gain of 695 points, settling at 70,315 points. The trading volume increased compared to the previous session, indicating heightened activity. Technical analysis shows that the Moving Average Convergence Divergence (MACD) remains bullish above its signal line, and the Relative Strength Index (RSI) peaked at 79.32, its highest in the last 14 sessions, suggesting strong buying interest.

The index may encounter initial resistance near 70,600 points and could test further resistance around 71,100 and 71,500 points. Conversely, support is found near 70,000 points, with further weakness potentially driving the index down towards 69,600 and 69,200 points. AKD Securities advises investors to accumulate positions near support zones but remain cautious of potential pullbacks.

Sector-wise, banking and oil and gas sectors showed mixed performances, with some stocks like FFC in the fertilizer sector posting significant gains, while others like ENGRO faced declines. Investors are recommended to define risks carefully and consider stop loss strategies to manage potential downturns effectively.

This detailed technical outlook serves as a crucial tool for investors navigating the volatile market landscape, emphasizing the importance of strategic planning and risk assessment in investment decisions.