Karachi: The KSE-100 index observed a significant recovery, closing at 114,330 points, marking an increase of 1,529 points day-on-day. The index’s movement was backed by solid trading volumes and critical support from moving averages, setting a positive tone for future trading sessions.

According to a statement by JS Global, the index’s position above the 50-day and 30-day moving averages suggests robust support at 113,429 and 113,223 points, respectively. This technical positioning indicates a potential for further gains if the index surpasses the recent high of 114,574. The market dynamics are further supported by upward trends in the relative strength index (RSI) and moving average convergence divergence (MACD), reinforcing a positive outlook.

JS Global advises investors to adopt a ‘buy on dips’ strategy, recommending caution with a stop loss set below the 30-day moving average. The report identifies support and resistance levels at 112,600 and 115,317 points, respectively, offering a roadmap for traders navigating the current market landscape.

In specific stock recommendations, Pakistan State Oil (PSO) is projected to continue its recovery, with a target range of Rs348.75 to Rs354.24 and a stop loss at Rs332.00. Similarly, Sui Northern Gas Pipelines Limited (SNGP) shows promising upward indicators, with target prices set at Rs90.41 and Rs92.79, maintaining a stop loss at Rs87.51.