Karachi: The KSE-100 index experienced minor gains, closing up 202 points at 90,196, though it failed to maintain its intraday high of 91,055. Trading volumes decreased from the previous session, with 567 million shares traded compared to 696 million.
According to JS Global, the index is expected to face a period of consolidation, with potential support at the previous day's low of 89,733. A drop below this level could lead to a corrective trend. Conversely, resistance is anticipated between 90,330 and 90,920, with a breakout above these levels possibly extending gains towards 92,249. Current technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator are pointing towards a possible short-term correction, prompting caution among investors.
In individual stock strategies, JS Global suggests a 'buy on dips' approach for Pakistan State Oil (PSO), targeting Rs239.88 and Rs248.94, with a stop loss at Rs226.05. For International Steels Limited (ISL), the strategy also recommends buying on dips, with price targets of Rs74.40 and Rs79.90 and a stop loss at Rs69.11, supported by moving averages that are expected to restrict downside risks.