Karachi: The KSE-100 index exhibited a positive upward trend, closing at 168,893, marking an increase of 4,267 points from the previous day. Trading volumes also rose, with 692 million shares changing hands compared to 620 million the day before. The index is poised to test resistance at 169,374, with potential targets set at 173,680 and 176,993 if it breaks through this level.
According to JS Global, technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator have issued a buy signal, supporting the likelihood of a recovery. The report advises investors to consider a 'Buy on dips' strategy, with risk management below the 164,773 level. Key support and resistance levels are identified at 164,773 and 171,193, respectively.
In specific stock movements, Oil and Gas Development Company (OGDC) has seen price stabilization with an expectation of recovery. The strategy here is also 'Buy on dips', with targets set at Rs290.00 and Rs300.07, and a stop-loss at Rs277.51. Meanwhile, International Steels Limited (ISL) has formed a bullish pattern, with a strategy to 'Buy on dips' targeting Rs90.84 and Rs95.68, and a stop-loss at Rs83.00.
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