Karachi: The KSE-100 index continued its downward trajectory, closing at 169,173, a decrease of 2,406 points from the previous day. Trading volumes increased to 1,322 million shares, up from 1,054 million shares. Market indicators suggest cautious sentiment, with potential for further decline if the index falls below the support level of 168,416. Resistance is anticipated between the levels of 169,710 and 171,565.

According to JS Global, the Stochastic Oscillator and the Relative Strength Index (RSI) have decreased, indicating a cautious market stance. Investors are advised to exercise caution on potential upward movements and consider waiting for market dips. Current support and resistance levels are identified at 167,872 and 171,018, respectively.

Regarding specific stocks, the analysis suggests a "buy on dips" strategy for Pakistan State Oil (PSO) and International Steels Limited (ISL). For PSO, the target prices are Rs397.60 and Rs401.00, with a stop loss set at Rs382.51. For ISL, the target prices are Rs85.20 and Rs87.80, with a stop loss at Rs80.59.