Karachi: The KSE-100 index experienced a decline, closing at 162,375 points after a drop of 1,549 points. Trading volumes increased to 399 million shares from 367 million shares traded in the previous session. The index is anticipated to test the support range between 162,050 and 162,300. A fall below this range could extend the downtrend, with 159,520 as the next target level.

According to JS Global, any upward movement will encounter resistance between the 162,880 and 163,970 range, with a breakthrough targeting the 30-day moving average at 167,895 points. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are both trending downward, reinforcing a negative outlook. Investors are advised to exercise caution at current levels, with support and resistance marked at 161,789 and 163,464 points, respectively.

In the broader market, OGDC is expected to trade within a defined range. The recommended strategy is to 'buy on dips,' with target prices of Rs301.45 and Rs306.73, and a stop-loss set at Rs295.01. Similarly, UBL shows a bullish formation, with a 'buy on dips' strategy suggested, targeting Rs407.00 and Rs413.14, and a stop-loss at Rs394.04.