Karachi: The KSE-100 index continued its downward trend, closing at 165,152 points, marking a decrease of 814 points day-on-day. Trading volumes increased to 447 million shares compared to the previous 371 million. The index is anticipated to test support at 165,111, with a potential decline to the recent low of 164,060, possibly extending to 162,049.

According to JS Global, any upward movement in the index will encounter resistance in the 165,560 to 166,425 range. A breach above this range could target 168,532. The Relative Strength Index and the Stochastic Oscillator indicate a negative outlook, suggesting a cautious approach. Support and resistance levels are noted at 164,700 and 166,014, respectively.

In the oil and gas sector, OGDC is expected to recover, with a strategy of 'buy on dips' targeting prices of Rs303.96 and Rs306.73, and a stoploss set at Rs295.01. For NETSOL, the strategy remains 'buy on dips' with targets of Rs126.90 and Rs131.13, and a stoploss at Rs121.10.