KARACHI: The KSE-100 index showed a robust upward movement, closing at 118,971 points, marking an increase of 639 points from the previous day. Trading volumes reached 742 million shares, a rise from 690 million shares in the prior session, indicating heightened market activity.

The KSE-100 is approaching its all-time high with a potential resistance level at 119,639 points, which was the peak in the last session. A breakthrough above this resistance could propel the index towards the 120,797 mark. Conversely, the initial support level is identified between the 117,870 and 118,490 range, with any breach below this zone potentially leading the index down to the 30-day moving average at 116,130 points.

Technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator have shown upward trends, suggesting a favorable short-term outlook. However, experts advise investors to exercise caution at higher levels and consider buying during market dips.

In sector-specific strategies, JS Global recommends a 'buy on dips' approach for ISL, with target prices set at Rs86.90 and Rs89.92, and a stop-loss at Rs80.80. Similarly, for HCAR, the strategy suggests buying on dips with target prices at Rs296.89 and Rs302.49, and a stop-loss at Rs290.29.

The report underscores the necessity for investors to be vigilant, focusing on the support and resistance levels marked at 118,422 and 119,580 points, respectively.