Karachi: The KSE-100 index experienced a significant decline on Friday, shedding 903 points to close at 165,596. Trading volumes amounted to 625 million shares, a decrease from the previous 706 million shares. The index, having fallen below its 30-day moving average (DMA), signals potential downward momentum. However, the 200-DMA provides a critical support level at 164,676, with a further drop targeting the 50-DMA at 161,295. Conversely, any upward movement will face resistance between 165,930 and 166,930, with a breakthrough indicating a resumption of the uptrend.

According to JS Global, investors are advised to 'Buy on dips', maintaining a stoploss below the 200-DMA level. The current support and resistance levels are at 164,950 and 166,583, respectively. In sector-specific strategies, Pakistan Petroleum Limited (PPL) shows a bullish formation at the 30-DMA, with a recommended 'Buy on dips' strategy targeting Rs231.50 and Rs237.38, and a stoploss set at Rs224.52. Similarly, the Bank of Punjab (BOP) is anticipated to recover following a correction, with a 'Buy on dips' approach targeting Rs35.26 and Rs36.38, and a stoploss at Rs33.24.