Karachi: The KSE-100 index fell below its 30-day moving average, ending the trading session at 176,976 points, a decrease of 721 points from the previous day. The trading volume increased to 937 million shares from 658 million shares in the prior session, signaling heightened market activity.

According to JS Global, the index's drop below the 30-day moving average now presents resistance at 177,470 points, with further resistance at the 50-day moving average of 178,780 points. A decline below the recent low of 176,945 points could see the index target 176,110, with a possible extension to 174,416 points. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have both shifted downward, supporting a negative outlook. Investors are advised to remain cautious on upward movements and to consider waiting for market dips. Key support and resistance levels are identified at 176,568 and 177,761 points, respectively.

In related market activity, Pakistan State Oil (PSO) is expected to recover, with a strategic recommendation to 'buy on dips', targeting price points of Rs368.90 and Rs372.09, with a stop-loss set at Rs357.51. Meanwhile, NETSOL Technologies closed above crucial moving averages, with a similar 'buy on dips' strategy suggested, targeting Rs131.50 and Rs135.97, and a stop-loss at Rs123.70.