The KSE-100 index experienced a significant rise, closing at 114,880 with an increase of 843 points. Trading volumes were recorded at 632 million shares, slightly lower than the previous session’s 676 million shares.
According to a statement by JS Global, the index is anticipated to encounter resistance between 115,770 and 116,430. A breakthrough above these resistance levels could lead to the all-time high of 118,735. However, support is expected at the 30-day moving average (DMA), currently at the 114,021 mark. The Relative Strength Index (RSI) and the Stochastic Oscillator indicate a positive outlook, and investors are advised to view any downturn as an opportunity to buy, with risks defined below the 30-DMA.
Additional support and resistance levels have been identified at 114,249 and 115,645, respectively. In individual stocks, ATRL is expected to recover, with a strategy of buying on dips targeting Rs644.36 and Rs652.50, and a stop loss at Rs623.20.
Similarly, HBL’s price has stabilized with a likely recovery, suggesting a buy-on-dips strategy targeting Rs176.96 and Rs180.09, and a stop loss at Rs171.75.
The KSE-100 index extended the gain to close at 114,880, up 843 points DoD. Volumes stood at 632mn shares compared to 676mn shares traded in the previous session. The index is expected to face resistance between 115,770-116,430; a break-out above these levels can target the all-time high of 118,735.
However, any downside will find support at the 30-DMA which is currently at 114,021 level. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We advise investors to view any downside as an opportunity to ‘Buy’, with risk defined below the 30-DMA. The support and resistance levels are at 114,249 and 115,645, respectively.