Karachi: The KSE-100 index experienced significant upward movement, closing at 179,335 points, marking an increase of 5,449 points. Trading volumes were recorded at 972 million shares, a decrease from the 1,480 million shares traded previously. The index is expected to test the resistance at 179,424 points. A breakthrough above this level could see the index targeting 182,348 points. Conversely, any downward movement could find support between the 176,270 and 178,350 point levels, potentially triggering a corrective trend.

According to JS Global, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are on the rise, supporting a positive outlook for the index. However, a short-term pullback within the band remains a possibility. Investors are advised to 'Buy on dips', with risk management below the 176,273 point level. The current support and resistance levels are at 177,265 and 180,415 points, respectively.

In other market movements, Habib Bank Limited (HBL) is expected to continue its upward trajectory. The recommended strategy is 'Buy on dips', targeting price levels of Rs319.60 and Rs324.27, with a stop-loss set at Rs305.74. Similarly, Oil and Gas Development Company (OGDC) is anticipated to resume its uptrend, with a 'Buy on dips' strategy targeting Rs319.72 and Rs326.44, and a stop-loss at Rs311.66.