Karachi: The KSE-100 index has extended its upward trajectory, closing at 113,342, marking an increase of 254 points from the previous day, with trading volumes reaching 668 million shares. The index has surpassed its 50-day moving average (DMA), establishing it as a new support level at 113,289. Analysts suggest that the upward movement could face resistance at the recent high of 114,030, with potential breakouts targeting 114,460 and 115,021 levels.

According to a statement by JS Global, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are both trending upward, indicating a favorable outlook for the market. Investors are advised to consider any decline as a buying opportunity, with risks clearly defined below the 50-DMA. Current support and resistance levels are positioned at 112,925 and 113,895, respectively.

The statement also provided insights into specific stocks, including NETSOL and PSO. For NETSOL, a 'buy on dips' strategy is recommended, with targets set at Rs144.88 and Rs149.12, and a stoploss at Rs137.39. For PSO, recovery is anticipated with a similar 'buy on dips' approach, targeting Rs348.75 and Rs354.24, and a stoploss at Rs334.00.