Karachi: The KSE100 index concluded its trading session on a bearish note, witnessing a substantial decline as persistent selling pressure dominated the market. The index experienced an intraday drop of 1,632 points, ultimately closing 1,549 points lower at 162,375, while market participation diminished with trading volumes decreasing by approximately 7% compared to the previous session.

According to AKD Securities Limited, the Moving Average Convergence Divergence (MACD) remains bearish, trading below its signal line following a recent downward crossover. The KSE-100 has shown little change since this crossover, with intraday fluctuations between a high of 163,967 and a low of 162,292. The index closed 3.4% below the lower Bollinger Band, suggesting ongoing downside pressure and the potential for a bearish breakout. The Bollinger Bands are currently 52.13% narrower than usual, indicating reduced volatility in comparison to the index's historical range.

From a technical perspective, immediate support is identified at 161,800, with a breach below this level potentially extending the decline to 161,100 and 160,500. Conversely, resistance is anticipated around 163,500, followed by 164,500 and 165,000. The recommendation is to accumulate positions during dips, with defined risk below the support zone.