Karachi: The KSE-100 index saw a modest increase, closing at 77,191, up by 107 points day-on-day, amid mixed trading signals that point towards a consolidation phase below the crucial 50-day moving average (DMA), as per the latest market analysis.

According to JS Global, the index could not maintain its intraday high of 77,747 and is predicted to encounter resistance at the 50-DMA, which stands at 77,545. A successful move above this threshold may set the stage for an advance towards the 79,122 mark, corresponding to the 30-DMA. On the downside, support is identified between 76,860 and 77,040, with a potential decline extending towards 75,662 if these levels are breached. Trading volumes increased to 601 million shares from 501 million in the previous session.

The report highlights a cautious approach for traders due to the unclear market outlook, emphasizing the importance of the 50-DMA as a pivotal point for the index’s near-term trajectory. The current support and resistance levels are pegged at 76,902 and 77,613, respectively.