Karachi: The KSE-100 index of Pakistan extended its decline, closing at 159,578 points, down by 1,704 points from the previous day. The drop has pushed the index below the 50-day moving average (DMA), which now acts as a resistance level at 160,065. The trading volume was recorded at 860 million shares, a slight decrease from the 899 million shares traded previously.

The technical outlook suggests that any further decline will find support at 159,217, with a potential target of the recent low at 156,328 if this support is breached. The Relative Strength Index (RSI) and the Stochastic Oscillator have also moved downward, indicating a negative trend. Analysts recommend that investors remain cautious, especially at higher levels.

In specific stock analysis, HCAR is testing support at the 200-DMA, with a strategy of 'buy on dips' targeting Rs298.00 and Rs304.29, and a stoploss set at Rs291.83. Meanwhile, ISL is holding its 200-DMA support, with a 'buy on dips' strategy targeting Rs99.22 and Rs102.44, and a stoploss at Rs93.67.

These insights were provided by JS Global, highlighting the need for investors to navigate the market with caution amid current trends.