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Brokerage Houses Raise Targets as Borsa Istanbul Breaks Key Resistance

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Summary:
Borsa Istanbul started the week with strong gains, closing above the critical 11,000 threshold for the first time in weeks. Technical analysts across major brokerages said the breakout confirms a short-term upward trend, led by bank stocks and supported by improving domestic macro data. While some institutions warn of possible profit-taking, the broader view signals a bullish bias toward the 11,150–11,250 resistance zone.

Burgan Investment: “Correction risk persists unless 11,150 is breached”

Burgan Investment said the BIST 100’s close at 11,116 points is encouraging, but warned that the 11,000–11,150 band remains a major resistance, and any failure to clear it could invite short-term corrections.

Key views:

  • Persistent selling pressure continues within the resistance zone.

  • A close above 11,150 would open the door toward 11,250.

  • First support: 10,900, which must hold to avoid a deeper pullback.

  • Medium-to-long-term outlook remains bullish; short-term dips can be used as buying opportunities.

TURKEY Equity Strategy: An Improving Outlook

A1 Capital: “A move above 11,160 may accelerate momentum”

A1 Capital highlighted that the index closed the day with a 2% gain and recorded bullish signals across most technical indicators.

Technical levels:

  • Key resistance: 11,160

  • Above this level, upside may extend toward 11,252

  • Critical short-term support: 11,050

  • A break below 11,050 could trigger a decline toward 10,806

Sector performance was mixed: “Brokerage”, “Construction Materials” and “Banking” led the gains, while “Mining” lagged.

Yapı Kredi Investment: “Range-bound trading resolved to the upside”

Yapı Kredi Investment said yesterday’s strong move ended the 10,800–11,000 consolidation pattern, signaling a shift into a new upward phase supported by both banks and non-bank sectors.

Outlook:

  • 11,000 has now become a short-term support

  • Upside targets: 11,150 → 11,400 → 11,550 → 11,605 (record high)

  • Suggested stop-loss for long positions: 10,950

YKY emphasized that the rally broadened across sectors, reinforcing the positive trend.

MORNING Report: Global Risk Appetite Weakens as Türkiye Gets Supportive Inflation Signals

Info Investment: “Above 11.100, the next destination is 11.500”

Info Investment attributed Monday’s strong rally to solid domestic macro data and rising expectations of a December rate cut by the central bank.

TL-based key levels:

  • Pivot: 11,040

  • Resistances: 11,205 / 11,295 / 11,460

  • Supports: 10,950 / 10,780 / 10,695

Dollar-based levels:

  • Resistances: 264.5 / 266.6 / 270.6

  • Supports: 258.5 / 254.6 / 252.5

The firm noted that banking stocks may continue to lead gains in the near term.

QNB Invest: “A short-term uptrend has clearly begun”

QNB Invest said the index’s decisive break above 11,000 confirms the start of a new rising trend, adding that the zone now acts as a key support.

Analysts highlighted:

  • Immediate target zone: 11,160 → 11,200–11,250

  • As long as the index holds above 10,900, the short-term outlook remains positive.

  • Additional buying may be considered above 11,000.

The brokerage also underscored strong momentum in the banking index, which surpassed the 16,160 level and may now aim for 16,850, last seen in September.

On the macro side, QNB Invest said November inflation could come in around 1.25%, potentially reinforcing expectations for a rate cut at the December MPC meeting.

Overall Market Interpretation

Despite mixed global risk appetite, Turkish equities are benefiting from:

  • Improving domestic inflation expectations

  • Stronger macro indicators

  • Increasing odds of a central bank rate cut

  • Broad sector participation led by banks

Analysts broadly expect the index to test 11,150–11,250 in the coming days, while 11,000 is now widely viewed as a structural support.

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