Karachi: The KSE-100 index of the Pakistan Stock Exchange experienced a significant upswing, closing at 119,962 points, marking an increase of 1,425 points from the previous day. Trading volumes reached 699 million shares, surpassing the prior session's 609 million shares. Market analysts suggest that the index is poised to test its all-time intraday high of 120,797, with potential for further growth to 123,375 and 125,947 levels, provided it breaks past this threshold.
The index's recent performance has been bolstered by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both of which have moved up, indicating a positive market sentiment. Investors are advised to 'buy on dips,' with a recommended stop-loss set at 118,150 points to mitigate potential downside risks.
Support and resistance levels are currently positioned at 119,225 and 120,344, respectively. Should the index face a downturn, it is expected to find support between the 119,225 and 119,610 levels.
In company-specific news, NETSOL and ATRL have both shown favorable momentum. NETSOL is recommended as a 'buy on dips,' with target prices set at Rs151.25 and Rs156.35, and a stop-loss at Rs138.38. Meanwhile, ATRL closed above its 50-day moving average (50-DMA) and is also advised as a 'buy on dips,' targeting Rs632.96 and Rs636.37, with a stop-loss at Rs602.15.
These strategic recommendations and market insights were provided by JS Global, highlighting the current bullish trend in Pakistan's stock market.