Karachi: The KSE-100 index of the Pakistan Stock Exchange continued its upward trajectory with a gain of 711 points, closing at 162,937. This movement comes as the index shows signs of sustained growth, although trading volumes decreased to 726 million shares from a previous 1,030 million.

The index is anticipated to re-test resistance at the previous high of 163,818. A successful break above this level could lead to a target of 168,414. In contrast, any downward movement is expected to find support between the 30-day and 50-day moving averages, currently situated at 161,947 and 161,760, respectively.

Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are on the rise, reinforcing a positive outlook. Investors are advised to 'buy on dips', with a stoploss set below the 50-day moving average.

The support and resistance levels are identified at 162,450 and 163,620, respectively. Specific stock strategies highlight Pakistan Petroleum Limited (PPL) and Bank of Punjab (BOP) as promising investments, with recommended 'buy on dips' strategies and target prices of Rs206.91 and Rs211.26 for PPL, and Rs34.56 and Rs35.54 for BOP.