Karachi: The KSE-100 index experienced a significant downturn, closing at 94,574 after failing to maintain its intraday high of 99,820, marking a decline of 3,506 points day-over-day. Trading volumes increased to 1,116 million shares from the previous session’s 640 million shares.

According to JS Global, the index is likely to test the previous day’s low of 94,181, with further declines potentially initiating a corrective trend that could target 93,042 and 91,200 points.

The analysis suggests resistance should the index attempt an upward movement, with resistance levels identified between 95,680 and 96,200 points. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have generated sell signals, reinforcing the cautious outlook. Investors are advised to exercise caution, with support and resistance levels currently at 92,563 and 98,202, respectively.

In related developments, OGDC has fallen below its 30-day moving average, prompting a “Sell on Strength” strategy targeting Rs177.75 and Rs170.81, with a stop-loss at Rs183.09. Meanwhile, SNGP is approaching its 50-day moving average support, with a “Buy on Dips” strategy targeting Rs81.18 and Rs85.00, and a stop-loss set at Rs76.00.