Karachi: The bullish momentum in Pakistan's stock market persisted as the KSE-100 index surged by 1,918 points, closing at 103,275. Trading volumes also increased significantly, with 1,556 million shares exchanged compared to the previous 916 million shares, signaling robust investor activity.

According to JS Global, the technical formation of a higher high and higher low suggests further upside potential, with the next target for the index projected around 103,952, possibly extending to 105,289. Despite the positive outlook, the market's Relative Strength Index (RSI) and Stochastic Oscillator indicate overbought conditions, prompting a cautious approach for investors and a strategy of buying on dips.

Key support levels for the index are identified between 102,330 and 102,860, with any decline below this range potentially triggering a corrective trend. For specific stocks, ENGRO has formed a bullish candle, recommending a 'buy on dips' strategy targeting Rs369.00 and Rs382.26, with a stop-loss at Rs353.36. Similarly, SNGP shows a rising window pattern, suggesting further upside with targets of Rs94.44 and Rs98.44, and a stop-loss at Rs88.49.