Karachi: The KSE-100 index witnessed a modest gain, closing 357 points higher at 78,350, amid mixed market indicators and fluctuating trading volumes. The index is poised for potential resistance tests but remains within a tightly bounded range.

According to JS Global, trading volumes decreased to 600 million shares from the previous session’s 636 million. The index is expected to challenge resistance at the 30-day moving average of 78,365, with a further test at the 50-day moving average of 78,684. Overcoming these levels could shift the market’s bearish outlook. Conversely, the index has support between 77,990 and 78,020, with a significant fall possibly reaching down to 77,460 and 76,943.

Investor caution is advised at higher index levels, with a recommendation to buy on dips, reflecting uncertainty in clear trading direction. Specific stock strategies include buying HCAR at a dip with a target of Rs 259.44 and Rs 265.27, and a stop loss at Rs 252.50. Similarly, SNGP is expected to recover, with buying advised at dips targeting Rs 66.80 and Rs 67.56, and a stop loss set at Rs 63.52.