Karachi: The Karachi Stock Exchange's KSE-100 index reached a record high on Friday, closing at 169,865 points, marking an increase of 1,290 points. This milestone comes amid positive technical indicators, although the trading volume decreased to 873 million shares from the previous 1,289 million shares.

The index is expected to encounter resistance between 170,300 and 170,700 levels. A breakthrough above these levels could see it aiming for 173,031 and 175,883 points. Conversely, any downward movement is likely to find support between 168,420 and 169,450 points, with a further drop potentially targeting 165,886 points.

Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have moved upwards, suggesting continued positive momentum. Analysts recommend investors adopt a 'Buy on dips' strategy, cautioning that risk is defined below the 168,422 level. The current support and resistance are noted at 168,840 and 170,471 points, respectively.

In related developments, Pakistan Petroleum Limited (PPL) is consolidating near its recent high. The advised strategy for PPL is 'Buy on dips', with target prices set at Rs223.00 and Rs227.15, and a stoploss at Rs215.67.

Similarly, NETSOL is projected to recover, with a 'Buy on dips' strategy recommended. The target prices are Rs135.38 and Rs138.92, with a stoploss positioned at Rs130.35.

This positive trend in the stock market is being closely monitored by investors and analysts alike, as they navigate the opportunities and risks presented by the current market conditions.