Karachi: The KSE-100 index experienced a significant drop, closing at 160,591, a decrease of 6,600 points from the previous day. Trading volumes were lower, with 743 million shares exchanged compared to 876 million shares in the prior session. The index's close below the 200-day and 50-day moving averages, now at 160,875 and 164,289 respectively, suggests limited upward potential in the near term.

According to JS Global, the KSE-100's recent movements indicate a cautious trading environment. The current relative strength index (RSI) has decreased, while the moving average convergence divergence (MACD) is on the rise, creating an unclear trading outlook. Investors are advised to remain cautious and consider waiting for market dips before making significant moves. The index's support and resistance levels are identified at 159,296 and 162,749, respectively, with a possible target of 155,235 if the index falls below the recent low of 160,159.

In specific stock movements, Oil and Gas Development Company (OGDC) and Bank of Punjab (BOP) are highlighted for their 'buy on dips' strategies. OGDC's target prices are set at Rs299.72 and Rs303.28 with a stop-loss at Rs287.16, whereas BOP aims for Rs30.60 and Rs32.40, maintaining a stop-loss at Rs28.61.