Karachi, The KSE-100 index closed lower in its latest session, with technical indicators suggesting a continued negative trend and resistance at higher levels. ENGRO and UBL, however, are showing different momentum the latest market analysis.

According to JS Global, the KSE-100 index experienced a downturn, losing 170 points day-over-day to close at 63,567. Trading volumes stood at 421 million shares, slightly up from the previous session's 408 million. The index is poised to test support between the levels of 63,290 and 63,400. A fall below this range could target a level of 62,822, followed by the 50-day moving average (DMA) at 61,732. Conversely, any upside movement in the index is expected to encounter resistance at the 30-DMA, currently positioned at 63,985. Technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are showing signs of weakness, indicating a negative trend. Investors are advised to sell below the 63,290 level, with support and resistance levels identified at 63,224 and 63,977, respectively.

In individual stock analysis, ENGRO is experiencing a pullback from its 30-DMA. The recommended strategy is to 'Buy on dips,' targeting prices of Rs323.50 and Rs329.50, with a stop loss at Rs307.21. On the other hand, United Bank Limited (UBL) is gaining momentum. The strategy for UBL also advises 'Buy on dips,' with target prices at Rs186.96 and Rs191.99 and a stop loss at Rs179.61.

The current market scenario presents a mixed outlook with the broader KSE-100 index facing downward pressure, while select stocks like ENGRO and UBL show potential for growth. Investors are recommended to tread cautiously, keeping a close eye on technical indicators and resistance levels.