Karachi: In a significant trading session, the KSE-100 Index closed above the 90,000 threshold, reflecting a bullish stance throughout the day. The index managed to gain 206 points, concluding at 90,196, despite a 27% drop in trading volumes compared to the previous session.
According to AKD Securities Limited, the technical indicators highlight a strong market trend, with the Moving Average Convergence Divergence (MACD) maintaining a bullish signal above its signal line for the past 46 sessions. Since this crossover, the KSE-100 has risen by 14.47%, reaching a high of 91,055 and a low of 77,990 during this period.
The current technical chart suggests that the index has initial support near the 89,800 mark. Should it break below this point, it might face further declines towards 89,500 and 89,000. On the upside, resistance is expected around 90,600, with potential to reach up to 91,000 and 91,200 if upward momentum persists. Investors are advised to consider buying positions while managing risks below the identified support zone.