KSE-100 Index Rises Steadily, Bulls Dominate Pakistan Market

Karachi, In a bullish session, the KSE-100 index witnessed a notable rise, gaining 463 points day-over-day to close at 62,956. This upward trend reflects a steady increase in market activity, with trading volumes reaching 765 million shares compared to 734 million in the previous session.

According to JS Global, the KSE-100 index's next target is anticipated at 63,970, potentially extending to 65,250. However, the report also cautions about possible support levels if the index experiences a downturn. Support is expected in the range of 62,430 to 62,730, with a further fall potentially testing the previous day's low of 62,215. The Moving Average Convergence Divergence (MACD) indicates a rising trend, while the Relative Strength Index (RSI) shows a bearish divergence, suggesting an unclear trading outlook. Investors are advised to approach buying cautiously with a strict stop loss below the 62,215 level. The identified support and resistance levels for the index are at 62,435 and 63,257, respectively.

In individual stock analyses, Pakistan State Oil (PSO) is observed to be on a steady uptrend. The recommended strategy is 'Buy on dips,' targeting Rs190.15 and Rs202.14, with a stop loss set at Rs186.69. For Attock Refinery Limited (ATRL), where the RSI is bullish, the strategy is similarly 'Buy on dips,' targeting Rs353.46 and Rs373.88, with a stop loss at Rs337.41.

This technical outlook for the Pakistan market indicates a positive momentum, with key stocks showing potential for growth, albeit with caution advised due to the presence of mixed indicators in the broader market.