KARACHI: The KSE-100 index extended its upward momentum, closing at 168,990, marking a 500-point increase from the previous day. Trading volumes remained relatively stable at 1,573 million shares. Despite the gains, the market appears to be entering a consolidation phase, with resistance anticipated between the 169,200 and 170,320 levels. A breakthrough past these levels could propel the index to 171,644. On the downside, support is projected in the 167,820 to 168,620 range.

Technical indicators, including the Relative Strength Index (RSI) and the Stochastic Oscillator, indicate overbought conditions, suggesting that investors should approach the market with caution. The support and resistance levels are identified at 168,406 and 169,781, respectively, prompting analysts to advise a cautious stance on higher levels and recommend waiting for market corrections.

In specific stock movements, Attock Refinery Limited (ATRL) is expected to continue its upward trend. The recommended strategy is to 'buy on dips,' targeting price levels of Rs749.00 and Rs763.26, with a stop-loss at Rs728.75.

Similarly, International Steels Limited (ISL) is likely to resume its uptrend. Investors are advised to 'buy on dips,' with target prices set at Rs128.93 and Rs135.00, and a stop-loss at Rs121.41.

These insights are based on the latest analysis provided by JS Global.