Karachi: The KSE-100 index experienced another day of decline, closing at 176,592, down by 255 points. Trading volumes decreased to 665 million shares from the previous session's 788 million. The index faces potential support at 176,156, with further decline targeting 174,416. Resistance levels are noted at the 30-day moving average of 177,699 and the 50-day moving average of 178,296. Investors are advised to exercise caution amid the current market conditions.

According to JS Global, technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a bearish outlook. The index's support and resistance levels stand at 175,735 and 177,870, respectively. In specific stock strategies, HBL is expected to initiate a recovery, with a 'buy on dips' strategy targeting Rs322.27 and Rs329.57, with a stop-loss at Rs312.51. Meanwhile, PPL is anticipated to continue its consolidation, with a 'buy on dips' approach targeting Rs242.50 and Rs244.81, and a stop-loss at Rs234.00.