Karachi: The Karachi Stock Exchange's benchmark KSE-100 index experienced a notable decline, failing to maintain its intraday high and closing down at 85,585, a drop of 620 points from the previous day. Trading volume increased, with 513 million shares changing hands compared to 474 million in the prior session.

According to JS Global, an engulfing bearish pattern has formed on the KSE-100 index, suggesting a potential shift in momentum towards a downtrend. This pattern, however, requires further confirmation. A break below the 85,539 mark would solidify the beginning of a corrective trend, with the next support level at 84,164 potentially in play. Conversely, any attempts to rally will likely encounter resistance at the 86,520 level. The market indicators currently do not suggest a clear direction, leading to a recommendation for investors to remain cautious at these levels. The identified support and resistance levels stand at 85,243 and 86,224, respectively.