Karachi: The KSE-100 index recorded a significant uptick, closing at 165,635 points with a daily increase of 5,044 points. Trading volumes reached 825 million shares, compared to 743 million shares in the previous session. The index is exhibiting a higher high and higher low formation, suggesting potential for further upward movement.

According to JS Global, the KSE-100 index is poised to test resistance at the 168,290 level, with a break above this point potentially targeting 173,112. In contrast, any decline is expected to find support at the 163,955 level, followed by the 200-day moving average at 161,063. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators have improved, reinforcing a positive outlook. Investors are advised to ‘Buy on dips’, maintaining a stoploss below the 200-day moving average. Current support and resistance levels are noted at 164,113 and 166,460, respectively.

In related market movements, Maple Leaf Cement Factory Limited (MLCF) is projected to have an upside, with a ‘Buy on dips’ strategy targeting Rs99.66 and Rs101.65, and a stoploss at Rs88.50. Meanwhile, the Bank of Punjab (BOP) closed above its 50-day moving average, with a ‘Buy on dips’ approach targeting Rs32.40 and Rs35.87, and a stoploss at Rs30.44.