Karachi: The KSE-100 index has maintained its upward momentum, closing at 172,894, which marks an increase of 1,190 points from the previous day. Although trading volumes decreased to 987 million shares compared to 1,202 million shares in the prior session, the index is approaching its recent high of 175,298. A break above this level could see the index targeting 180,992, while any downside is expected to find support between 167,350 and 171,540 levels.
According to JS Global, the technical indicators, including the Relative Strength Index (RSI) and the Stochastic Oscillator, continue to rise, suggesting a positive trading outlook. Investors are advised to consider a 'Buy on dips' strategy while maintaining a stop-loss below the 167,350 level. The current support and resistance levels are identified at 171,865 and 173,599, respectively.
In specific stock movements, United Bank Limited (UBL) is projected to maintain a steady uptrend, with a recommendation to 'Buy on dips' targeting Rs423.75 and Rs434.11, with a stop-loss at Rs413.00. Similarly, Oil and Gas Development Company (OGDC) is targeting its all-time high, with a 'Buy on dips' strategy aiming for Rs337.10 and Rs343.98, and a stop-loss set at Rs325.00.
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