Karachi, The Karachi Stock Exchange's KSE-100 index continued its upward momentum, closing above the 57,000 mark in a session marked by high trading volumes.
According to Research, the KSE-100 index closed at 57,397, up 717 points day-on-day, with trading volumes reaching a significant 1,054 million shares compared to 661 million in the previous session. The index is anticipated to revisit its recent high of 57,549 points, and a break above this level could push gains towards 59,294 points. Conversely, any downward movement is expected to find support between 56,770 and 57,160 points, with a fall below this range potentially indicating a corrective trend. Given the overbought status of indicators, a cautious approach is advised.
The report also provided specific insights for stocks like Pakistan Petroleum Limited (PPL) and Oil & Gas Development Company (OGDC). For PPL, a 'Buy on dips' strategy is recommended, targeting Rs95.49 and Rs100.74, with a stop loss at Rs90.55. Similarly, for OGDC, a breakout of key resistance suggests a 'Buy on dips' approach, targeting Rs117.02 and Rs120.44, with a stop loss at Rs111.69.
JS Research emphasizes the need for investors to remain cautious at higher levels and consider buying during dips. The support and resistance levels for the index are identified at 56,769 and 57,787 points, respectively.