Karachi: The KSE-100 index exhibited an upward trend, closing at 166,420, a 234-point increase on Friday. Despite the positive movement, trading volumes saw a decline with 397 million shares exchanged compared to 518 million previously. Analysts anticipate the index to encounter resistance between 166,700 and 166,880 levels, with a breakthrough potentially targeting the 30-day moving average of 169,037.

According to JS Global, any downturn is expected to find support within the 165,600-166,015 range, with a drop below this potentially resuming the downtrend. Both the Stochastic Oscillator and the Relative Strength Index (RSI) indicate an upward momentum, supporting a recovery outlook. Investors are advised to 'Buy on dips' with a stoploss set below 165,613. The current support and resistance levels are identified at 166,015 and 166,767, respectively.

In related market news, Pakistan State Oil (PSO) is showing a gradual upward movement with a suggested strategy of 'Buy on dips,' targeting prices of Rs370.00 and Rs378.60, with a stoploss at Rs363.17. Additionally, Honda Atlas Cars (HCAR) has generated a buy signal from the RSI, with a strategy focusing on 'Buy on dips,' targeting Rs205.96 and Rs210.24, and a stoploss at Rs199.05.