Karachi: The KSE-100 index in Pakistan's stock market continued its upward trajectory, closing at 118,576, marking an increase of 1,278 points on a day-over-day basis. This positive movement suggests further upside potential, according to a technical outlook provided by JS Global.

The trading volume for the session was reported at 684 million shares, a slight decrease from the 733 million shares traded in the previous session. Analysts highlight that the index is likely to encounter resistance at the previous high of 120,067. A breakthrough at this level could target the all-time high of 120,797. In case of a downturn, support is expected at the 30-day moving average, currently at 115,184, followed by the 50-day moving average at 115,124.

The Relative Strength Index (RSI) and the Stochastic Oscillator, both technical indicators, are currently on an upward trend, reinforcing a positive market view. Investors are advised to adopt a 'Buy on dips' strategy while maintaining a stop-loss below the 50-day moving average. Key support and resistance levels are identified at 116,935 and 120,142, respectively.

In other market movements, Pakistan State Oil (PSO) closed above key averages with a recommended strategy of 'Buy on dips', targeting Rs397.02 and Rs405.30 with a stop-loss at Rs377.55. Additionally, DG Khan Cement (DGKC) experienced a price break upwards, with a similar 'Buy on dips' approach, targeting Rs153.41 and Rs160.08, and a stop-loss at Rs147.29.

These insights and strategies were provided by JS Global, a research firm, as part of their technical analysis of the market.