Karachi: The KSE-100 index displayed significant resilience, reversing an intraday low to close higher amid increased trading volume. The index, which represents the top 100 stocks on the Karachi Stock Exchange, closed at 84,910 points, marking an increase of 1,378 points from the day before.

According to JS Global, the trading volume surged to 450 million shares, up from 382 million in the previous session, suggesting a robust buying interest. Analysts at JS Global believe that if the current upward momentum sustains, the index could initially target 85,460 points, with the potential to climb further to 86,436 points. Conversely, any declines should find support between 83,800 and 84,420 points. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are trending upwards, which supports the optimistic market forecast. However, a short-term pullback within the trading band remains a possibility. The report advises investors to remain cautious at higher levels and to capitalize on any market dips. Support and resistance levels have been set at 83,793 and 85,538 points, respectively.

In individual stock strategies, Maple Leaf Cement Factory (MLCF) is advised to adopt a ‘buy on dips’ strategy with targets at Rs35.75 and Rs36.93, maintaining a stop loss at Rs33.58. Similarly, Sui Northern Gas Pipelines Limited (SNGP) has also been recommended for a ‘buy on dips’ strategy after it closed above its 200-day moving average, with target prices of Rs73.00 and Rs75.20 and a stop loss at Rs67.50.