Karachi: The KSE-100 index reached an unprecedented high on Tuesday, closing at 138,666 points. The index rose by 2,286 points from the previous day, signaling sustained bullish momentum in the market. Trading volumes also saw an uptick, with 780 million shares exchanged, compared to 706 million in the prior session.

Market analysts suggest that if the upward trend persists, the index could aim for the next target of 140,105, and potentially extend to 141,686. However, a downside could find support in the 137,250 to 138,100 range. A fall below these levels might trigger a corrective trend, according to the technical outlook.

Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending upwards, supporting a positive market view. Investment strategists recommend a 'Buy on dips' approach, advising caution with a risk threshold set below 136,675 points. The immediate support and resistance levels are identified at 137,245 and 139,514, respectively.

In specific stock movements, Pakistan State Oil (PSO) has formed an engulfing bull pattern at key support levels. The suggested strategy is to 'Buy on dips', targeting Rs386.50 and Rs392.39, with a stop loss at Rs375.05.

Similarly, DG Khan Cement Company (DGKC) is showing signs of a gradual increase. The recommended strategy remains 'Buy on dips', with targets set at Rs176.55 and Rs179.06, and a stop loss at Rs170.70.

The analysis and recommendations were provided by JS Global, indicating an optimistic outlook for the Pakistan stock market's short-term performance.