Karachi: The KSE-100 index experienced a significant uptick, ending the day at 85,664 points, an increase of 754 points. Trading volumes surged to 507 million shares, up from 450 million in the previous session. Analysts suggest that the index could challenge the recent high of 85,824 points, with potential to reach a new high of 86,436 points if it surpasses this threshold.

According to JS Global, the index’s upward trajectory is supported by robust technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). Both metrics indicate a strong market, although the possibility of a short-term pullback remains. JS Global recommends that investors adopt a cautious approach, particularly at higher index levels, and consider buying on any market dips.

The report further outlines critical support and resistance levels, noting that any decrease in the index would find support between 84,530 and 85,100 points. A drop below these levels might signal the start of a corrective phase in the market.

In individual stock strategies, JS Global advises a “Buy on dips” approach for Maple Leaf Cement Factory (MLCF), targeting prices of Rs35.90 and Rs36.90, with a stop loss at Rs34.00. Habib Bank Limited (HBL) is also recommended for similar strategic buying, with target prices of Rs138.95 and Rs144.71 and a stop loss at Rs135.70.