Karachi: The bulls led the market as the KSE-100 index surged by 357 points, closing at 93,648. Volumes improved to 815 million shares from 763 million shares traded previously. The index is poised to test yesterday’s high of 94,020, and a breakout above this level could drive it toward 94,433 and 95,326 levels. On the downside, support is likely in the 92,960-93,305 range, with a drop below these levels potentially signaling the start of a corrective phase. The RSI and Stochastic Oscillator are currently in overbought territory, suggesting that caution is warranted at these levels. Immediate support is identified around 93,305, while the resistance stands at 94,005.

According to JS Global, Sui Northern Gas Pipelines Limited (SNGP) is moving towards its recent high, with a strategy of ‘buy on dips’ targeting Rs86.60 and Rs89.39, and a stoploss at Rs82.20. Meanwhile, Pakistan State Oil (PSO) is moving up steadily, with a similar ‘buy on dips’ strategy targeting Rs252.00 and Rs257.36, and a stoploss at Rs245.00.