Karachi, In a recent update, the Pakistan stock market exhibited mixed trends, with the KSE-100 index closing slightly higher amidst volatile trading. The index, which is a benchmark for market performance, ended the session at 56,680, marking a modest increase of 14 points from the previous day. Trading volumes were noted at 661 million shares, compared to 526 million in the prior session.
According to JS Research, the KSE-100 index is poised for consolidation, facing potential resistance between 56,840 and 56,880 levels. A breakthrough above this range could signal a continuation of the upward trend, with targets set at 57,405 and 59,294. On the downside, support is expected within 56,240 to 56,460. Analysts from JS Research advise investors to remain cautious and consider buying on dips. Key support and resistance levels are identified at 56,460 and 56,873, respectively.
In individual stock news, Pakistan Petroleum Limited (PPL) reached a new recent high, with a strategy focused on buying on dips, targeting prices of Rs90.24 and Rs92.25, and a stoploss at Rs83.55. Meanwhile, Honda Atlas Cars (HCAR) is advised as a 'Sell on Strength' with downside targets of Rs165.93 and Rs155.01, and a stoploss set at Rs179.00.
The overall sentiment in the market remains cautious as investors navigate through the volatility. The recommendations by JS Research highlight a strategy that balances risk and opportunity in a market characterized by its unpredictability.