Karachi: The KSE-100 index experienced a turbulent trading session, closing at 114,872 points, marking an increase of 808 points from the previous day. Despite the rise, trading volumes slightly decreased to 410 million shares, down from 424 million in the prior session.

The index is projected to encounter resistance at the 50-day moving average (DMA) of 115,295, with further resistance at the 30-DMA of 116,596. On the downside, support is anticipated within the range of 113,525 to 114,290. A drop below this range may target the 112,054 level. The Relative Strength Index (RSI) has shown improvement, though the Moving Average Convergence Divergence (MACD) indicates a lack of a definitive trading direction. Analysts suggest investors exercise caution at these levels.

In related market movements, Pakistan State Oil (PSO) is predicted to undergo a short-term recovery. Analysts recommend a 'buy on dips' strategy, aiming for Rs366.99 and Rs373.79, with a stop loss set at Rs345.00.

Similarly, Pakistan Petroleum Limited (PPL) is expected to see a pullback from the 200-DMA. The suggested strategy is also 'buy on dips,' with target prices of Rs161.50 and Rs165.95, and a stop loss at Rs153.72.

The market outlook remains uncertain, with investors advised to remain vigilant amid fluctuating conditions.