Karachi: The Karachi Stock Exchange witnessed a bullish trend as the KSE-100 index surged by 2,679 points, closing at 179,035. This increase comes as trading volumes reached 1,113 million shares, compared to 1,403 million shares previously traded. With positive indicators continuing to support the market, the next target is set at 180,500, potentially rising to 183,353 if the upward trend persists.

The technical analysis suggests that any downside will find support between 176,710 and 178,405 levels, with a fall below potentially triggering a corrective trend. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have both shown increases, reinforcing a positive outlook for the market. Market analysts recommend a 'Buy on dips' strategy, with risks defined below the 176,710 level. The support and resistance stand at 177,340 and 180,099 levels, respectively.

In individual stock performances, Oil and Gas Development Company (OGDC) reached an all-time high, with a strategy recommendation to 'Buy on dips,' targeting Rs299.50 and Rs309.79, and setting a stop-loss at Rs288.50. Meanwhile, Bank of Punjab (BOP) experienced a price break upwards, with a similar 'Buy on dips' strategy, targeting Rs43.94 and Rs45.43, and a stop-loss at Rs40.56.

The market outlook remains optimistic with technical indicators pointing towards continued gains. Investors are encouraged to consider strategic buying as the market continues to build on its recent momentum.