Karachi: The Pakistan stock market witnessed a positive trend as the KSE-100 index surged by 2,885 points, reaching a closing level of 168,520. Trading volumes increased significantly to 1,206 million shares compared to the previous 825 million shares. The index is projected to encounter resistance at the 170,640 mark, with potential targets at the 173,112 level upon breaking this resistance. Conversely, any downward movement is expected to find support between 166,650 and 167,590 levels.

According to JS Global, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are on an upward trajectory, reinforcing the positive outlook. Investors are advised to adopt a 'buy on dips' strategy, with risks defined below the 166,657 level. The current support and resistance levels are identified at 167,589 and 170,045, respectively.

In market-specific strategies, Pakistan State Oil (PSO) is recommended as a range play with a 'buy on dips' approach, targeting price points at Rs375.40 and Rs385.39, and a stop-loss at Rs357.54. Similarly, United Bank Limited (UBL) has closed above its 30-day moving average, with a 'buy on dips' strategy targeting Rs382.48 and Rs387.00, with a stop-loss at Rs361.90.