Karachi, 16 Oct 2023: The KSE-100 index saw its bullish momentum persist, closing above its former intraday peak at the 49,493 mark, showcasing a significant uptick of 722 points day-on-day. This comes as trading volumes rose to 556 million shares, up from the prior 342 million shares. According to a technical outlook report from JS Securities Limited, should this ascend persist, the KSE-100 could potentially target the 50,178 level, and even stretch to 51,528. Yet, caution is advised as the index is currently overbought.

The study indicates a potential support range between 49,000 to 49,260 levels for any downturn, cautioning that any plunge below could trigger a corrective trend. Given the state of the market, investors are advised to approach with caution when nearing the higher side and to consider opportunities during dips. The identified support and resistance levels are positioned at 49,000 and 49,753 respectively.

In related market movements, ISL has been picking up momentum. JS Securities recommends a 'Buy on dips' strategy for ISL, with targets set at Rs52.13 and Rs56.19, and a stoploss at Rs50.39. Similarly, SNGP witnessed a bullish crossover between its 30-day moving average (30-DMA) and 50-DMA. A 'Buy on dips' strategy is also advised for SNGP, aiming for Rs51.32 and Rs52.76, while maintaining a stoploss at Rs47.51.