Karachi: The KSE-100 index witnessed a significant downturn as it plummeted by 1,433 points, closing at 163,098. Trading volumes reduced to 1,397 million shares, down from the previous 1,570 million. Market analysts anticipate the index to test its support range between 162,110 and 162,420. A breach below this range could extend the downtrend, with 157,246 identified as the subsequent target level.

Conversely, any upward movement is expected to encounter resistance between 163,590 and 165,270. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicate a downward trajectory, reinforcing a corrective outlook. Investors are advised to exercise caution during potential surges and consider opportunities during market dips. Current support and resistance levels are positioned at 161,918 and 164,770, respectively.

In specific stock strategies, DGKC is observed with an 'engulfing bull' pattern, recommending a 'buy on dips' approach with targets set at Rs251.12 and Rs255.83, and a stop-loss at Rs242.82. Meanwhile, HCAR finds support at its 200-day moving average, with similar 'buy on dips' guidance targeting Rs304.40 and Rs309.60, and a stop-loss at Rs293.43.

These insights are sourced from market analysis by JS Global, emphasizing strategic investment decisions amidst the current market volatility.