Karachi: The KSE-100 index experienced a significant decline, closing at 151,708, a decrease of 1,200 points from the previous day. Trading volumes also saw a drop, with 436 million shares exchanged compared to 522 million in the previous session. The market is anticipated to test support at the 151,458 level, with further declines potentially pushing the index towards 148,509 and 144,119.

According to JS Global, any upward movement will encounter resistance between 152,275 and 153,660, with the 200-day moving average at 158,988 also posing a challenge. Technical indicators, including the Relative Strength Index and the Stochastic Oscillator, have moved downward, reinforcing a negative outlook. Investors are advised to exercise caution, with support and resistance levels identified at 150,890 and 153,093, respectively.

In specific stock strategies, Pakistan Petroleum Limited (PPL) is advised to be bought on dips, targeting prices of Rs209.35 and Rs216.84, with a stop-loss set at Rs201.12. Similarly, International Steels Limited (ISL) is suggested to be played within a range, with buy-on-dip strategies targeting Rs74.87 and Rs76.50, and a stop-loss at Rs70.01.