Karachi: The KSE-100 index experienced a notable surge, increasing by 998 points to close at 81,459, driven by heightened trading activity. The index is on the brink of surpassing its recent high of 82,004, with potential targets set higher if it breaks through this resistance.

According to JS Global, the market’s positive trajectory continued with an increase in trading volumes from 400 million to 459 million shares. The index is now eyeing a breakout above the recent peak, with an immediate target at 83,119 and a further potential rise to 83,849. On the flip side, the market has established support between 80,680 and 80,760. Should the index fall below this range, it could correct towards the 50-day moving average of 78,824. Analysts recommend adopting a ‘Buy on Dips’ strategy, setting the risk threshold below 80,680, while keeping an eye on the resistance and support levels at 82,082 and 80,758, respectively.

In individual stock news, Oil & Gas Development Company (OGDC) shows a bullish outlook with a suggested buying strategy on dips, targeting prices of Rs 148.00 and Rs 151.12, and a stop loss at Rs 142.05. Similarly, Habib Bank Limited (HBL) also looks favorable, having closed above its 200-day moving average. The advised strategy for HBL is also ‘Buy on Dips’, with target prices at Rs 123.87 and Rs 127.07 and a stop loss at Rs 116.01.