Karachi: The KSE-100 index experienced significant upward movement, closing at 120,451 points, a rise of 1,573 points from the previous day. Trading volumes were robust, with 578 million shares exchanged, surpassing the 498 million shares traded in the prior session.

Analysts suggest that the index is poised to test its intraday all-time high of 120,797 points. A breakthrough at this level could propel the index to 123,375 points and potentially further to 125,947 points. Conversely, any downward movement is expected to find support between 119,130 and 119,490 points.

The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators have both shown upward trends, reinforcing a positive outlook. Investors are advised to consider any declines as an opportunity to buy, with risk management set below 119,130 points. The current support and resistance levels stand at 119,489 and 121,053 points, respectively.

Specific stock recommendations include International Steels Limited (ISL) and Habib Bank Limited (HBL). For ISL, a 'buy on dips' strategy is suggested, with target prices of Rs98.76 and Rs101.90, and a stop-loss at Rs83.25. HBL has generated a buy signal according to the MACD, with target prices at Rs163.00 and Rs170.76, and a stop-loss at Rs154.00.

These insights and recommendations are provided by JS Global, as communicated through their research channel.