AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: The Pakistan Stock Exchange’s benchmark KSE-100 index concluded a turbulent trading day at 147,005, marking a 75-point increase. Trading volume reached 692 million shares, surpassing the previous session’s 611 million. Analysts predict the index will encounter resistance between 147,970 and 148,300. A breakthrough above this range could propel the index towards 149,593. Conversely, a decline may find support between 146,200 and 146,900. Breaching this support level could trigger a corrective phase.
Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue their ascent, suggesting a positive outlook. Investors are advised to exercise caution at higher levels and capitalize on potential dips. Additional support and resistance levels are identified at 146,607 and 147,690, respectively.
Regarding individual stocks, ISL is exhibiting a pattern of higher highs and higher lows. A “buy on dips” approach is recommended, targeting Rs107.89 and Rs108.99, with a stop-loss set at Rs101.40. MLCF is anticipated to maintain its steady upward trajectory. A similar “buy on dips” tactic is suggested, aiming for Rs86.75 and Rs88.56, with a stop-loss at Rs82.66.