Karachi: The KSE-100 index demonstrated a notable upward trajectory, closing at 124,379 with an increase of 2,333 points day-on-day. The trading volume reached 773 million shares, slightly up from the previous 759 million shares. Market analysts are observing the index as it approaches a critical resistance level at Friday’s high of 125,285. A breakthrough beyond this level could see the index aiming for 126,718, with further potential to reach 129,274. Conversely, support is projected between 122,640 and 123,970.
According to JS Global, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators have shown upward movement, indicating a favorable market outlook. The firm advises investors to consider a ‘Buy on dips’ strategy, with a critical stop-loss set below 122,222. The current support and resistance levels are identified at 122,640 and 125,702, respectively.
Additionally, specific stocks such as DGKC and HCAR are highlighted with positive growth prospects. DGKC is recommended for purchase on dips, with targets set at Rs171.00 and Rs179.06, and a stop-loss at Rs164.17. Meanwhile, HCAR’s recovery trend remains strong, with a suggested ‘Buy on dips’ strategy targeting Rs277.00 and Rs283.52, maintaining a stop-loss at Rs272.50.