Karachi: The KSE-100 index experienced a downturn, closing at 170,600, marking a decrease of 3,363 points from the previous day. Trading volumes increased to 590 million shares compared to the prior session's 555 million shares. The index is positioned to test the support level at 168,714, corresponding to the 30-day moving average. A drop below this level could push the index towards the 200-day moving average at 165,607. However, potential upward movement would encounter resistance between 171,720 and 173,050, with a breakthrough potentially targeting 177,729.

According to JS Global, the technical indicators present a mixed outlook, with the Relative Strength Index (RSI) indicating weakness while the Moving Average Convergence Divergence (MACD) suggests a rising trend, leading to a neutral perspective on the market. Investors are advised to consider a 'buy on dips' approach while maintaining a stop-loss below the 30-day moving average. The current support and resistance levels are identified at 169,274 and 173,049, respectively.

In specific stock movements, NETSOL is anticipated to consolidate above the 200-day moving average, with a recommended 'buy on dips' strategy targeting price levels of Rs138.90 and Rs148.25, and a stop-loss set at Rs129.40. Similarly, MLCF shows limited downside risk with a 'buy on dips' strategy targeting Rs91.24 and Rs93.00, while implementing a stop-loss at Rs86.38.