Karachi: The KSE-100 index experienced an upswing, closing at 119,691 with a 720-point increase compared to the previous day. The trading volume was recorded at 580 million shares, a decrease from the 742 million shares traded in the prior session. Market analysts suggest the index may face resistance at 119,914, a level observed last Friday, and a successful breakout could propel it to a target of 120,797.

On the downside, initial support is anticipated within the 118,770 to 119,450 range. A breach below this zone could see the index drop to the 30-day moving average of 116,253. Technical indicators, such as the Relative Strength Index and Stochastic Oscillator, are trending upwards, favoring a positive outlook. However, investors are advised to exercise caution at higher levels and consider buying on market dips.

In related stock activities, analysts expect range-bound movements for ISL shares, recommending a ‘buy on dips’ strategy with targets of Rs86.90 and Rs89.92, and a stop loss at Rs80.80. Similarly, for HCAR, moving averages may limit downside risk, with a ‘buy on dips’ strategy targeting Rs295.80 and Rs302.49, and a stop loss set at Rs290.33.