Pakistan Stock Exchange initiates intraday trading on a positive note

The Pakistan Stock Exchange (PSX) witnessed a positive trend in intraday trading, with the benchmark KSE-100 index gaining 832.14 points or appreciating by 1.37%. At 10:12 am, the index reached over 61,695.76.

This positive momentum follows the previous day’s performance, where the PSX closed in the green zone after a volatile session. The benchmark KSE-100 Index recorded a gain of 1,692.65 points or 2.86%, settling at 60,863.62 at the market’s closing.

According to JS Global’s technical outlook, the index is expected to target the 30-DMA (Daily Moving Average) at 61,652, with a potential uptrend resuming towards 62,926 upon breaking above that level. The report also highlighted support levels in the range of 59,400-60,210, while a fall below that might target 57,940 (50-DMA).

Improvements in the RSI (Relative Strength Index) and the Stochastic Oscillator were noted, indicating a potential recovery trend. Investors were advised to consider ‘Buy on dips,’ with defined risk below 59,411. Support and resistance levels were identified at 59,411 and 61,663, respectively.