Karachi: The KSE-100 index has maintained its upward momentum, closing at 161,935, an increase of 1,278 points on a day-over-day basis. Trading volumes, however, decreased to 673 million shares from the previous 797 million. The index is anticipated to confront resistance at the 30-day moving average (DMA), presently at 162,478. A breakthrough at this level could propel it towards the recent high of 163,935. Conversely, any downward movement will likely find support at the 50-DMA, positioned at 161,321.

Technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), have shifted upwards, indicating a positive market outlook. Analysts recommend a 'Buy on dips' strategy, with a risk threshold defined below the 50-DMA. Current support and resistance levels are identified at 161,112 and 162,439, respectively.

In related market developments, Oil and Gas Development Company (OGDC) shows signs of recovery, with a suggested 'Buy on dips' approach targeting Rs250.61 and Rs253.99, with a stop loss at Rs243.25. Similarly, Habib Bank Limited (HBL) has closed above its 50-DMA, prompting a 'Buy on dips' strategy with targets of Rs297.97 and Rs302.05, and a stop loss at Rs280.10.

These insights are provided by JS Global, highlighting potential opportunities and risks for investors in the current market.