Karachi: The KSE-100 index displayed robust performance, closing at 168,062 points, marking an increase of 1,384 points. This surge in the market was accompanied by a higher trading volume of 736 million shares, compared to 593 million shares in the previous session. The index now sets its sights on its all-time high of 169,989 points, with expectations of initiating a new bullish phase upon surpassing this level.
Market analysts suggest that any potential downturn will likely encounter support between the 166,640 and 167,450 point levels. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are on an upward trend, bolstering a positive market outlook. Investment experts recommend a 'buy on dips' strategy, with risk management advised below the 166,025 point level. The current support and resistance levels are identified at 166,642 and 168,864 points, respectively.
In individual stock performance, ISL experienced a breakout above its 200-day moving average. Analysts recommend a 'buy on dips' approach for ISL, targeting prices of Rs100.08 and Rs103.40, with a stop-loss set at Rs93.98.
Similarly, DGKC is projected to continue its upward trajectory. The suggested strategy for DGKC is also 'buy on dips,' with target prices set at Rs231.99 and Rs234.28, and a stop-loss at Rs223.00.
These insights are sourced from JS Global, providing a technical outlook on the current market conditions.