Karachi: The KSE-100 index experienced a significant rise on Friday, gaining 2,787 points to close at the 114,114 level, according to a technical outlook report from JS Global. However, market analysts caution that moving averages may limit further upward movement.

Trading volumes reached 372 million shares, a decrease from the previous 491 million shares. The index is anticipated to re-test resistance at 114,547. A breakthrough at this level could target the 50-day moving average at 115,310, followed by the 30-day moving average at 116,424. Conversely, any decline is expected to find support at the 112,820 level.

The report notes an improvement in the Relative Strength Index (RSI), while the Moving Average Convergence Divergence (MACD) indicates no definitive trading direction. Investors are advised to exercise caution with potential gains and consider buying on market dips.

In stock-specific strategies, Oil and Gas Development Company (OGDC) has generated a 'Buy' signal according to the Stochastic Oscillator. The recommended strategy is to buy on dips, targeting Rs207.13 and Rs212.86, with a stop loss at Rs197.10.

For United Bank Limited (UBL), the report suggests that recovery is likely to continue. The strategy involves buying on dips, targeting Rs505.00 and Rs521.94, and setting a stop loss at Rs470.00.

The report underscores the importance of monitoring support and resistance levels, currently at 113,107 and 114,834, respectively, to navigate the market fluctuations effectively.