The Athens Stock Exchange closed solid, in-session losses under control, at a time when the climate in European markets was very cautious, as investors assessed central bank decisions, new economic data, as well as financial results published by listed companies.

When the market approaches critical technical levels, domestic analysts nevertheless warn of the possibility of corrective movement along the AX axis after a seven-week rise, and the focus in this scenario will be turnover, i.e. big portfolios.

In the statistics of the session, the General Index closed with a slight drop of 0.04% to 1033.02 points, while the turnover reached 93.95 million euros, of which 40% came from packages, and almost half of the volume (37.4 million of the total of 73 million shares) were traded in MIG shares.

The Large Cap Index fell 0.13% to 2511.09 points, while the Mid Cap Index closed up 0.04% at 1573.66 points.

Among non-banking blue chips, Aegean and Autohellas closed up over 2%, Ellactor closed up +1.83%, while HELLENiQ ENERGY, PPA, Jumbo and Titan posted modest gains of less than 1%. On the other hand, Biohalco, Motor Oil, Quest, Lamda Development and Sarantis posted losses of over 2%, while OPAP and Coca-Cola were down over 1%.

The banking index rose 1.03% to 802.05 points, with Piraeus up 2.95%, while the National Bank closed up 1.35%, Eurobank +1.17% and 0.40% marked by Alfa-Bank.

At some point, a sharp correction could form and help the market gain momentum, notes Ilias Zacharakis of Fast Finance. According to him, in this case there are two solutions. One is to create cash until the market shows its intent or a very strict liquidation. Technically, 1035-1050 units is a level that can cause problems or cause a correction. In case of correction, the first major support level is just below 1000 points. Accordingly, confirmation of the level of 1050 may give an immediate continuation of growth.

According to Beta Securities, the first major medium-term resistance lies at 1048-1040, the level that started the market’s eight-year run below 1000, and it will not be easy to overcome this level. The current week, according to him, collects significant chances for a small corrective rollback.

For his part, Nikos Kavkas, head of research at Depolas Investment Services, notes that he remains cautious in the short term, worrying mostly about the international climate. The upper range of his estimates is kept at the level of 1050 points, while the lower limit is raised to 960 points for the next period.