BIST 100 Holds the Line: 10,800 Support Remains Key as Markets Consolidate

After testing a new short-term peak, the BIST 100 faced profit-taking and slipped back below 11,000. The index remains in a consolidation range, with 10,800 acting as critical support. As long as the index holds above this level, the short-term bullish outlook stays intact. Global markets are focused on PMI and labor data from Europe and the U.S., while volatility continues across FX and commodity markets.

BIST 100: Support Holds at 10,800, 11,000 Turns Into Resistance

The BIST 100 began the week with strength, hitting 11,160, a recent peak supported by inflation data and improved sentiment. However, profit-taking triggered a pullback, and the index finished the previous session down 1.3%, dipping below 11,000.

• 11,000 is now the first resistance.

• A breakout above this level would re-open the path toward 11,160.

• 10,800 remains the key support area within the short-term trading band.

➡️ As long as the index remains above 10,800, long/active trade positions may be maintained.

Within banking stocks, 14,800 support is monitored, while 15,000 and 15,100 mark resistance levels.

Local Bond Market: Yields Edge Higher

Turkish bond yields saw a slight increase:

U.S. yields remain range-bound after the Fed delivered a rate cut but signaled no urgency for December easing.

• Benchmark bond support: 41.00%

• 10-year bond support: 33.00%

Turkey’s 5-year CDS continues its downward trend, currently at 246 bps, reflecting stronger macro expectations.

USD/TRY: Gradual Uptrend Continues

Emerging market currencies weakened against the U.S. dollar, while USD/TRY continued to firm.

• The pair held above the psychological 42.00 level.

• Resistance at 42.10 was tested, with 42.20–42.30 as the next upside targets.

➡️ Outlook remains positive above 41.90.

EUR/USD Under Pressure as the Dollar Strengthens

Despite the Fed’s earlier rate cut, policymakers expressed caution about further easing in December.

• Combined with U.S.–China tariff news, the dollar gained broad strength.

• EUR/USD broke below 1.1540, and even tested 1.15.

➡️ Below 1.15, next support stands at 1.1460.
➡️ A move back above 1.1540 could spark a technical rebound.

Gold & Gram Gold: Consolidation After a Historic Run

Gold retreated from its record high of $4,382/oz, triggered by profit-taking and reduced safe-haven flows.

• The metal is stabilizing in the $3,880–$4,050 consolidation zone.

• $3,880 remains the main support.

• Breakout above $4,050 would signal a return to an upward trend.

In Turkey, gram gold pulled back from TRY 5,900 to TRY 5,240, but the supportive USD/TRY keeps downside limited.

• TRY 5,240 now serves as the main support.

• TRY 5,470 marks resistance; above this, TRY 5,500 becomes the next target.

Today’s Market Watchlist

Key Data Releases (times GMT+3):

Bottom Line

• BIST remains constructive above 10,800.

• USD/TRY maintains its gradual uptrend.

• EUR/USD stays vulnerable under 1.1540.

• Gold consolidation represents a healthy pause in a longer-term uptrend.

➡️ Investors seeking exposure with limited equity risk may continue using multi-asset balanced funds.