Karachi: The KSE-100 index failed to hold its ground after reaching an all-time intraday high of 82,906, eventually closing down by 590 points at 81,658. The trading volume showed a slight increase from the previous session, totaling 424 million shares.

According to JS Global, the market is at a crossroads, with the index expected to re-test its support level at 81,553, which was yesterday's low. A drop below this level could see the index moving towards the 30-day moving average of 79,265. On the flip side, any upward movement could face resistance between 82,030 and 82,530, with a potential retest of the 82,906 level. The current market indicators remain mixed, reflecting a lack of clear direction in the short term.

Investors are advised to proceed with caution regarding potential gains and to consider buying on dips as a strategic approach to managing risk. Key support and resistance levels have been identified at 81,172 and 82,525, respectively.

In individual stock strategies, OGDC is recommended for a 'buy on dips' strategy with price targets at Rs146.20 and Rs148.00, and a stop-loss set at Rs139.06. Similarly, PSO is advised to play the range with buy targets at Rs167.00 and Rs171.28, and a stop-loss at Rs162.12.