Karachi: The KSE-100 index experienced significant downward pressure throughout the trading session, closing at 114,853 points, a drop of 1,336 points compared to the previous day. Trading volumes also saw a decline, with 459 million shares exchanged, down from 638 million in the prior session.

The index is anticipated to test its support at the 50-day moving average (DMA), currently positioned at 114,300. Falling below this level could trigger a continuation of the downward trend. Conversely, any upward movement will encounter resistance at the 30-DMA of 115,473, with potential targets set in the 115,930 to 116,650 range.

Indicators for the market remain mixed, presenting no definitive trading direction. Market analysts recommend that investors maintain a 'long' position above the 50-DMA. The key support and resistance levels are identified at 114,350 and 115,647, respectively.

In stock-specific strategies, the Moving Average Convergence Divergence (MACD) for HCAR has generated a 'buy' signal. The suggested approach is to 'buy on dips' with target prices of Rs320.81 and Rs326.40, and a stop-loss set at Rs306.65.

For BOP, recovery is expected to continue, following a 'buy on dips' strategy with target prices of Rs11.60 and Rs11.94, and a stop-loss at Rs10.51.

The analysis and recommendations were provided by JS Global, with further details available through their research channel.