Karachi: The KSE-100 index experienced a continued downturn, closing at 168,155 points, marking a decrease of 481 points from the previous day. Trading volumes were reported at 494 million shares, a decline from 548 million shares traded previously. The index is projected to test the support level at 167,685 points, with the potential to fall further to 166,141 and 163,612 points if the support is breached.

According to JS Global, the index may face resistance between 168,850 and 169,400 points, with a breakthrough potentially targeting the 200-day moving average at 172,402 points. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both indicate a bearish market outlook. Investors are advised to exercise caution at the current levels, with support and resistance identified at 167,609 and 168,778 points, respectively.

In specific stock movements, Oil and Gas Development Company Limited (OGDC) is expected to trade within a range, with a recommended strategy of 'buy on dips', targeting Rs317.45 and Rs319.54, and a stoploss at Rs311.80. For International Steels Limited (ISL), a recovery trend remains intact with a similar 'buy on dips' strategy, targeting Rs82.40 and Rs84.58, and a stoploss at Rs78.00.