Karachi: The KSE-100 index experienced a range-bound trading session, closing at 171,176, marking an increase of 985 points day-over-day. Volume of trades increased to 697 million shares from the previous 552 million. Analysts anticipate continued consolidation with resistance and support levels influencing future market movements.

According to JS Global's press release, the index's current position above the 30-day moving average (DMA) suggests potential support at the 168,715 level, with additional support expected at the 200-DMA of 165,963, should a downturn occur. On the upside, resistance is expected between 171,950 and 174,170, with a further target of 177,729 if the index breaks above these levels. Technical indicators such as the RSI and MACD suggest a positive outlook, with a recommendation for investors to 'Buy on dips' while managing risk below the 30-DMA level. The index's support and resistance are noted at 170,674 and 171,566 respectively.

In specific stock analysis, PSO is anticipated to recover with a 'Buy on dips' strategy targeting prices of Rs356.40 and Rs362.64, with a stop-loss at Rs346.00. MLCF is reported to have limited downside risk, with a similar 'Buy on dips' strategy targeting Rs90.29 and Rs93.00, and a stop-loss at Rs85.62.