Will the Borsa Istanbul BIST 100 Rise Continue? Experts Answered

Expert economists focused on the Borsa Istanbul BIST 100 index. Experts state that if the index can hold above certain levels, the rise may continue.

Borsa Istanbul BIST 100 Index continues to maintain its record series yesterday. Although uncertainties about the size of the step to be taken by the Federal Reserve (Fed) at its meeting next month cause the risk appetite to remain low, domestic markets continue to diverge positively. Borsa Istanbul BIST 100 index started the day with an upward movement in line with expectations. The opening was achieved at 3 thousand 139.55 points, recording an increase of 18.03 points. Yesterday, the BIST 100 index completed the day at 3 thousand 121.52 points with a gain of 1.93 percent with purchases in the banking sector, while yesterday the BIST 100 index started the day at 3 thousand 72.06 points, gaining 9.57 points and 0.31 percent, and reached a record low of 3 thousand 70.20 and a record high of 3 thousand 131.56 points during the day. Economic experts in the Integral Investment BIST Daily Bulletin stated that there is no clear development explaining the rise in banking stocks and said: "Yesterday we watched ceilings forming in banks. There is no clear development that explains this situation. However, we are of the opinion that perceptions have now shifted to the banking index and some possible scenarios have started to be priced. The banking index rose rapidly above the 3 thousand 82 resistance. We will watch whether it can maintain its course above this level. There is no technical signal for a correction in the stock market yet. However, technical indicators point above the overbought zones. If the 2 thousand 990 level in Borsa Istanbul is broken in the downward direction, we can think that the correction may deepen." In the Gedik Investment Daily Bulletin, economists used the following statements: "While the index carried its historical peak to 3 thousand 131.56 points, the upward trend can be expected to continue as long as the hold above 3 thousand 100 is maintained. On the summit, 3 thousand 145 - 3 thousand 180 and 3 thousand 200 levels will be followed as resistance in the short term, and the 3 thousand 200 - 3 thousand 250 region can be followed. In retracements, the level of 3 thousand 40, which corresponds to the lower band of the bullish channel that has been effective since the beginning of August below the level of 3 thousand 100, is important as support. We evaluate that sales may accelerate in the sagging below the bullish channel and position reduction will be beneficial. Below the 3 thousand 40 level, the 2 thousand 980 - 2 thousand 930 and 2 thousand 892 correction level may come to the agenda." In Ahlatcı Yatırım's BIST & VIOP Bulletin today, the following comments were made about the index: "While the continued uncertainty in the markets before Jackson Hole caused sales in global markets, the index continues its upward trend with the rise in banking stocks. Technically speaking, the index, which continued its upward trend with the support of volume, closed the day close to the highest level seen during the day. If the upward trend in the index continues, the 3 thousand 150 level appears as the first resistance zone. In case of possible pullbacks in the index, which moves away from the short-term exponential averages we follow, reaction purchases can be seen at the level of 3 thousand 100. Within the framework of the developments, 3 thousand 150 and 3 thousand 180 resistance levels are important in upward movements, and 3 thousand 100 and 3 thousand 80 support levels are important in downward movements."