FLASHNEWS:

KSE-100 Closes Up by 669 Points as Indicators Show Overbought Signals

Karachi: The KSE-100 index observed a range-bound session, closing at 90,864, marking a 669-point increase on a day-over-day (DoD) basis. Trading volumes reached 603 million shares, rising from 567 million shares traded in the previous session. Resistance levels are expected between 91,050 and 91,360, with potential for gains extending towards 92,249 if broken. On the downside, the index is supported between 89,980 and 90,430, with any drop below these levels signaling a possible corrective trend. The Relative Strength Index (RSI) and Stochastic Oscillator currently reflect overbought conditions, suggesting caution due to the likelihood of a short-term correction. Key support and resistance levels are set at 90,422 and 91,332, respectively.

According to JS Global, the report also highlights strategic recommendations for specific stocks. For Maple Leaf Cement Factory Limited (MLCF), the strategy is “buy on dips” with target prices of Rs40.30 and Rs42.38 and a stop-loss at Rs37.51. Similarly, for Oil and Gas Development Company (OGDC), “buy on dips” is advised with targets set at Rs177.85 and Rs180.68, and a stop-loss at Rs172.89.